INSUBCONTINENT EXCLUSIVE:
SBI, which has the largest exposure in Essar Steel, has said it took the decision on request of potential buyers
The e-auction for the loan was earlier scheduled for January 30
Incidentally, the bank extended the deadline for inviting bids twice in last few days, first to January 23 from January 18, and now to
However, Essar promoters the Ruias came back with an offer to fully repay its entire dues with a Rs 54,389 crore
effort to sell Essar loans faces uncertainty, after the National Company Law Appellate Tribunal (NCLAT) directed the Ahmedabad bench of NCLT
to pass an order on the insolvency resolution plan submitted by Essar Steel by January 31.
While investors were not particularly happy with
the clawback option mentioned in the e-auction notice, which tells buyers to pay higher than the reserve price if the resolution happens in
ArcelorMittal and they're selling their debt at an 18% discount to our bid
He was speaking on the side lines of the World Economic Forum at Davos.
The lender set the minimum reserve price for the loan at Rs 9,588
crore.
In an interview to CNBC TV-18 Aditya Mittal said the larger issue at stake is the insolvency resolution process which has now been
going on for 540 days while the IBC suggests a maximum of 270 days
Mittal joined the ongoing war of words on Essar Steel on Thursday saying if rules are not followed, the damage will be far wider than just
provision in the bankruptcy code bars defaulting promoters of insolvent companies from taking part in the auction process, Sajjan Jindal,
chairman of JSW group has said Essar Steel case is an exception and the promoters should be given a chance since they are willing to repay
