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The Ruias are considering bidding for Essar Steel, with the Lok Sabha passing amendments to the Insolvency and Bankruptcy Code.
To make their bad loan accounts operational, the promoters of Essar Steel must pay banks overdue interest, including penalty, of Rs 30-35 billion, sources said. The company has sought details of payouts from lending banks.
During a debate in the Lok Sabha on the Insolvency and Bankruptcy Code (Amendment) Bill on Friday, Finance Minister Arun Jaitley said, “No one is being barred for life and neither are we asking that you (promoters) pay the whole amount. Just pay the interest
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