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 and can pay a portion of the total. “The Essar promoters plan to raise funds from other investors and pay the lenders. This is a classic case where the promoter wants to get the company back,” said the person quoted above.

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 and can pay a portion of the total. “The Essar promoters plan to raise funds from other investors and pay the lenders. This is a classic case where the promoter wants to get the company back,” said the person quoted above.