Insolvency process: JSW, Tata Steel lead in buying stressed assets

The only option for stressed asset laggards now is to bid aggressively for Essar Steel

JSW Steel and Tata Steel have emerged as the most aggressive bidders for stressed assets put on the block under the Reserve Bank of India (RBI)-mandated insolvency process.

While cash-rich Vedanta won the bid for Electrosteel Steels and preferred to stay away from the race for Bhushan Steel and Bhushan Power & Steel, ArcelorMittal was mired in controversy over its investment in companies that failed to repay their debt and are facing proceedings in the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code (IBC), 2016.

JSW Steel is already set to win Monnet Ispat & Energy and has emerged