Essar steel insolvency: Ruias offer to pay Rs 543.89 bn to creditors

The offer is for full settlement of claims of financial creditors, operational creditors and staff

Promoter Ruias of embattled Essar Steel Thursday offered to pay an aggregate of Rs 543.89 billion including Rs 475.07 billion upfront cash payment to clear all dues owned to lenders so that the company can be pulled out of insolvency proceedings.

The proposal was made as the Committee of Essar Steel Creditors voted on a takeover offer made by the world's largest steel maker ArcelorMittal.

"The shareholders of Essar Steel have today (Thursday) submitted a proposal to the Committee of Creditors (CoC) for full settlement of the entire admitted claims of the financial creditors, operational creditors, and workmen and employees of Essar