Tag: Bankrupt
-
How NCLT’s Rejection of Ruias’ Offer for Essar Steel has turned the tide for Arcelor Mittal?
In the latest update in insolvency case of Essar Steel, Ahmedabad bench on NCLT (National Company Law Tribunal) has rejected Ruias’ offer of INR 54,389 crore to regain control of the company. The tribunal has rejected Ruias’ bid saying that the offer violates Section 12A of the Insolvency and Bankruptcy Code (IBC). Section 12A of…