Bid by promoters to regain control of Essar Steel rejected

The Ahmedabad-bench of the National Company Law Tribunal (NCLT) said that financial creditors are not wrong in rejecting the promoters’ settlement plan. The lenders, which had approved ArcelorMittal’s Rs 42,202-crore offer, had said that they will consider Ruias’ settlement plan only if they are directed to do so by the court.

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