Ruia family had to clear all the debts to get its bid considered of Rs. 54,389 crore resolution plan for Essar Steel, told by an appellate tribunal to Essar Steel Asia Holdings.
The statement added another twirl to the lasting Essar steel resolution proceeding when Ahmedabad bench of the National Company Law Tribunal (NCLT) approved ArcelorMittal’s Rs 42,00 crores bid for the company last week.
“Think of Rs 80,000 crore more, we will make some room for you, whatever the amount is,” said a two-member bench of the National Company Law Appellate Tribunal (NCLAT) led by justice SJ Mukhopadhaya on Thursday. “We may consider (the ESAH proposal) if (you pay) whatever — Rs 80,000 or Rs 90,000 (crore) — dues you have plus Rs 54,000 crore (for Essar Steel).”
ArcelorMittal’s bid consists of a fusion of 8,000 crores into Essar Steel over a time period. ESAH had proposed to pay Rs 54,389 crore to get off of all the dues to financial and operational creditors of Essar Steel.
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