INSUBCONTINENT EXCLUSIVE:
The State Bank of India on Monday filed a recovery suit against Prashant and Ravi Ruia, before the Debt Recovery Tribunal (DRT) in
Gujarat.Essar Steel Lenders led by the SBI are saddled with dues of over Rs 63,000 crore, including overdue interest and penalties.The SBI
will receive only a part of its dues as per ArcelorMittal's IBC Resolution Plan of only Rs 42,000 crore -- leaving lenders with balance
dues of over Rs 20,000 crore, comprising principal, overdue interest and penalties.The SBI sought the attachment of global assets of Ruias
to recover its balance Essar Steel dues, through debt recovery proceedings at the DRT.The bank hopes to recover its balance dues from
promoters Prashant Ruia and Ravi Ruia, by seeking attachment of their personal global assetsThe move to invoke the personal guarantees of
the Ruias had started about six to eight months ago.A decree from the DRT would lead to the attachment of all personal assets of Ruias both
in India and abroad.Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on
TheIndianSubcontinent.com/elections
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