Essar Steel’s committee of creditors approves ArcelorMittal’s acquisition deal
Updated : October 26, 2018 01:25 PM IST
The development comes a day after the billionaire Ruia brothers, owners of Essar Steel India, said the company’s board and shareholders have offered to pay Rs 54,000 crore to creditors to settle their claims, making a last-ditch attempt to retain it and allowing it to exit from a bankruptcy process.
Essar Steel India submitted a proposal to its committee of creditors on Thursday for settlement of the entire claims of the financial creditors, operational creditors, workmen and employees.
Essar Steel is one of the several companies that are among India's biggest debt defaulters that were pushed into the National Company Law Appellate Tribunal (NCLAT), a bankruptcy court, last year after an order by the Reserve Bank of India that was aimed at clearing record bad loans at the country's banks.