News digest: Essar Steel case, Maruti Q2 earnings, fiscal deficit, and more

Ruias' last minute offer came as lenders started voting on two offers made by ArcelorMittal and Vedanta

Twist in Essar tale as Ruias offer settlement

The promoters of debt-ridden Essar Steel took its creditors by surprise by offering to settle the entire claims of Rs 543 billion under Section 12A of the Insolvency and Bankruptcy Code (IBC). The rule allows a company to exit the bankruptcy process if it offers to repay dues and 90 per cent of the lenders accept the proposal, the Ruias said. Read more

Maruti Suzuki net profit drops, first in over 2 years

Firm commodity prices, a slowdown in sales, and a double-digit increase in discounts pulled down the profit of Maruti