Insolvency: Tatas, Ruias submit bids for debt-laden Essar Steel

JSW Steel is said to have skipped submitting a resolution plan for Essar Steel

Tata Steel and the Ruias themselves have put in bids for debt-laden Essar Steel after the company was put up for sale under the Insolvency and Bankruptcy Code (IBC). Sajjan Jindal-led JSW Steel, aggressive in bidding for Monnet Ispat’s and Bhushan Steel’s businesses, is said to have skipped submitting a resolution plan for Essar Steel.

“The IBC allows promoters to bid for their company. In a number of other cases as well, promoters have been showing an interest in their own companies,” said a person aware of the proceedings. 

The promoter is not obligated to pay all the money upfront