Will pay â¹54,300 cr to withdraw Essar Steel from insolvency: Ruias
Essar Steel's promoters, the Ruia family, have offered to pay â¹54,389 crore to clear all dues to creditors and withdraw the company from the insolvency process. The move comes even as ArcelorMittal was declared as the highest bidder for the debt-laden company. ArcelorMittal said the law does not permit Ruias' offer to withdraw Essar Steel from insolvency at this stage.