TFIPOST हिन्दी
TFIPOST Global
Tfipost.com
Tfipost.com
No Result
View All Result
  • Premium
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    ED Files Chargesheet Against Robert Vadra in ₹37.6 Crore Land Deal Case

    Robert Vadra in Trouble as ED Files Charge Sheet in Shikohpur Land Deal Case

    How Manusmriti Differs from the Epics

    How Manusmriti Differs from the Epics

    CM Himanta Hits Back on Out-on-Bail Rahul Gandhi's King Jibe

    CM Himanta Hits Back as Out-on-Bail Rahul Gandhi Rants About ‘King of Assam’

    Karnataka Govt Blames RCB for Chinnaswamy Stampede

    Congress- led Karnataka Govt Blames RCB for Chinnaswamy Stampede, Cites Kohli’s Video in HC

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    AI Appreciation Day Celebrated Globally, Spotlight on Innovation and Ethical Progress

    AI Appreciation Day Celebrated Globally, Spotlight on Innovation and Ethical Progress

    India Achieves 50% Non-Fossil Fuel Power Capacity

    India Achieves 50 pc Non-Fossil Fuel Power Capacity, Five Years Ahead of Schedule

    Advantages of Using an EMI Calculator Before Applying for a Personal Loan

    Advantages of Using an EMI Calculator Before Applying for a Personal Loan

    WiseProfitWay.com reviews – Trading Times

    WiseProfitWay.com reviews – Trading Times

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    Successful Test of ‘Akash Prime Air Defence System’ in Ladakh

    Successful Test of ‘Akash Prime Air Defence System’ at 15,000 Feet in Ladakh

    CDS Chauhan: India Needs Tomorrow’s Tech to Win Today’s Wars

    India Needs Tomorrow’s Tech to Win Today’s Wars, Says CDS Anil Chauhan; Urges Indigenous Tech Push

    India-U.S. Set to Strike Javelin Deal

    India Seeks Javelin Missile Co-Production Deal with U.S. Under ‘Make in India’ Push

    India Set to Test ET-LDHCM: Hypersonic Missile

    India Tests Hypersonic Missile Aimed at Covering All of Pakistan and Key Chinese Military Zones

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    Baloch Insurgents Kill 29 Soldiers: Pakistan Army Losing Control in Balochistan

    Is Balochistan Slipping Away from Pak? 29 Soldiers Killed as BLA, BLF Launch Simultaneous Attacks

    Khalistani Sympathiser with Anti-India Stance: Jasmeet Bains

    Khalistani Sympathiser with Anti-India Stance, Jasmeet Bains Aims for California Congress Entry

    Hindu Activist Shot Dead in Cold Blood as Bangladesh Opens Fire

    Hindu Activist Shot Dead in Cold Blood as Bangladesh Army Opens Fire on Peaceful NCP Rally in Gopalganj

    US-DEA Uncovers Canada–Pakistan–China Narco-Terror Nexus

    US-DEA Uncovers Canada–Pakistan–China Narco-Terror Nexus: A Global Hybrid Threat Emerges

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • Education
    • History
    • Indology
    NCERT Textbook Reveals Mughal Religious Intolerance

    Ruthless Babur, Violent Akbar, Destructive Aurangzeb: NCERT Textbook Reveals Mughal Religious Intolerance

    India Built Gardens Long Before Babur Dreamt of Charbagh

    Before the Mughals: India’s Civilisation Built Gardens Long Before Babur Dreamt of Charbaghs

    Revisiting the MANUSMRITI: Why India’s Youth Must Study This Ancient Epic

    Revisiting the MANUSMRITI: Why India’s Youth Must Study This Ancient Epic

    Echoes of the Cholas in Today’s Bharat

    Conqueror of the Seas: Rajendra Chola and the Rise of Naval Bharat

    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • All
    • Books
    • Cinema
    • Entertainment
    • Food
    • Games
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    Karnataka Govt Blames RCB for Chinnaswamy Stampede

    Congress- led Karnataka Govt Blames RCB for Chinnaswamy Stampede, Cites Kohli’s Video in HC

    Ace Alliance: Accelerating Growth in the European iGaming Market

    Ace Alliance: Accelerating Growth in the European iGaming Market

    Addiction Recovery in India: Breaking Stigmas and Building Support Systems

    Addiction Recovery in India: Breaking Stigmas and Building Support Systems

    How Under Armour’s Women’s Sports Shoes Are Reinventing Women’s Fitness Experience

    How Under Armour’s Women’s Sports Shoes Are Reinventing Women’s Fitness Experience

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
Tfipost.com
  • Premium
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    ED Files Chargesheet Against Robert Vadra in ₹37.6 Crore Land Deal Case

    Robert Vadra in Trouble as ED Files Charge Sheet in Shikohpur Land Deal Case

    How Manusmriti Differs from the Epics

    How Manusmriti Differs from the Epics

    CM Himanta Hits Back on Out-on-Bail Rahul Gandhi's King Jibe

    CM Himanta Hits Back as Out-on-Bail Rahul Gandhi Rants About ‘King of Assam’

    Karnataka Govt Blames RCB for Chinnaswamy Stampede

    Congress- led Karnataka Govt Blames RCB for Chinnaswamy Stampede, Cites Kohli’s Video in HC

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    AI Appreciation Day Celebrated Globally, Spotlight on Innovation and Ethical Progress

    AI Appreciation Day Celebrated Globally, Spotlight on Innovation and Ethical Progress

    India Achieves 50% Non-Fossil Fuel Power Capacity

    India Achieves 50 pc Non-Fossil Fuel Power Capacity, Five Years Ahead of Schedule

    Advantages of Using an EMI Calculator Before Applying for a Personal Loan

    Advantages of Using an EMI Calculator Before Applying for a Personal Loan

    WiseProfitWay.com reviews – Trading Times

    WiseProfitWay.com reviews – Trading Times

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    Successful Test of ‘Akash Prime Air Defence System’ in Ladakh

    Successful Test of ‘Akash Prime Air Defence System’ at 15,000 Feet in Ladakh

    CDS Chauhan: India Needs Tomorrow’s Tech to Win Today’s Wars

    India Needs Tomorrow’s Tech to Win Today’s Wars, Says CDS Anil Chauhan; Urges Indigenous Tech Push

    India-U.S. Set to Strike Javelin Deal

    India Seeks Javelin Missile Co-Production Deal with U.S. Under ‘Make in India’ Push

    India Set to Test ET-LDHCM: Hypersonic Missile

    India Tests Hypersonic Missile Aimed at Covering All of Pakistan and Key Chinese Military Zones

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    Baloch Insurgents Kill 29 Soldiers: Pakistan Army Losing Control in Balochistan

    Is Balochistan Slipping Away from Pak? 29 Soldiers Killed as BLA, BLF Launch Simultaneous Attacks

    Khalistani Sympathiser with Anti-India Stance: Jasmeet Bains

    Khalistani Sympathiser with Anti-India Stance, Jasmeet Bains Aims for California Congress Entry

    Hindu Activist Shot Dead in Cold Blood as Bangladesh Opens Fire

    Hindu Activist Shot Dead in Cold Blood as Bangladesh Army Opens Fire on Peaceful NCP Rally in Gopalganj

    US-DEA Uncovers Canada–Pakistan–China Narco-Terror Nexus

    US-DEA Uncovers Canada–Pakistan–China Narco-Terror Nexus: A Global Hybrid Threat Emerges

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • Education
    • History
    • Indology
    NCERT Textbook Reveals Mughal Religious Intolerance

    Ruthless Babur, Violent Akbar, Destructive Aurangzeb: NCERT Textbook Reveals Mughal Religious Intolerance

    India Built Gardens Long Before Babur Dreamt of Charbagh

    Before the Mughals: India’s Civilisation Built Gardens Long Before Babur Dreamt of Charbaghs

    Revisiting the MANUSMRITI: Why India’s Youth Must Study This Ancient Epic

    Revisiting the MANUSMRITI: Why India’s Youth Must Study This Ancient Epic

    Echoes of the Cholas in Today’s Bharat

    Conqueror of the Seas: Rajendra Chola and the Rise of Naval Bharat

    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • All
    • Books
    • Cinema
    • Entertainment
    • Food
    • Games
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    Karnataka Govt Blames RCB for Chinnaswamy Stampede

    Congress- led Karnataka Govt Blames RCB for Chinnaswamy Stampede, Cites Kohli’s Video in HC

    Ace Alliance: Accelerating Growth in the European iGaming Market

    Ace Alliance: Accelerating Growth in the European iGaming Market

    Addiction Recovery in India: Breaking Stigmas and Building Support Systems

    Addiction Recovery in India: Breaking Stigmas and Building Support Systems

    How Under Armour’s Women’s Sports Shoes Are Reinventing Women’s Fitness Experience

    How Under Armour’s Women’s Sports Shoes Are Reinventing Women’s Fitness Experience

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
No Result
View All Result
Tfipost.com
Tfipost.com
No Result
View All Result
  • Premium
  • Politics
  • Economy
  • Defense
  • Geopolitics
  • Knowledge
  • Law
  • Lounge

Another success for IBC: Ruia’s desperate to pay loans of Essar Steel

Amit Agrahari by Amit Agrahari
27 October 2018
in Economy
arcelormittal, essar, steel,ibc, loans

PC: .newsnation.in

Share on FacebookShare on X

The corporate culture in India was rammed by corruption and nepotism for decades. The Government used to spoon-feed selected established corporate houses through public sector bank loans and if businesses then too failed, public sector banks which run on taxpayer’s money had to bear losses. Several Indian companies were defaulting on their loans intentionally, because initially there was no law to dissolve their companies. The promoters were sure that the management of the company will not go out of their hands. They took loans from the government banks by bribing the employees with the intention of never returning them back. Since India brought the Insolvency and Bankruptcy Code (IBC), companies are now running after the banks to pay back their dues, because the IBC rules barred promoters of companies that are classified as non-performing assets (NPAs) from bidding for these companies.

Ruia family offered one of the highest bids to take back control of their own company, Essar Steel for which the committee of lenders had already accepted the ArcelorMittal’s proposal of 42,202 crore rupees. Numetal promoted by Ruia family offered to pay Rs 54,389 crore including Rs 47,507 crore upfront cash payment to the dues accumulated over the years. The lenders seek to recover dues of Rs. 49,000 crore by selling of Essar steel. This is among the most successful cases of Non Performing Assets being solved through Insolvency and Bankruptcy Code. If the NCLT goes with the deal offered by ArcelorMittal then the recovery will be above 85 percent and if it goes with the offer of the Ruia family then there will be 100 percent recovery. However, it is very unlikely that the offer of Ruia family will be taken seriously, given its previous track record.

RelatedPosts

Monsoon Session from July 21: Govt to Introduce 8 New Bills

RBI Slashes Repo Rate to 6% — How It Will Impact Your EMIs, Loans: All you Need to Know

No more interest-free loans: Saudi Arabia and Kuwait humiliate Pakistan

Load More

“The shareholders of Essar Steel have today (Thursday) submitted a proposal to the Committee of Creditors (CoC) for full settlement of the entire admitted claims of the financial creditors, operational creditors, and workmen and employees of Essar Steel India Ltd (ESIL), aggregating Rs 54,389 crore, under Section 12A of the Insolvency and Bankruptcy Code,” the company said in a statement. Therefore, the deal with ArcelorMittal is expected to be finalized very soon.

Ruia’s are infamous for Essar leaks which include e-mails, office memos, telephone conversations of union ministers, business rivals, bankers and bureaucrats. Ruia brothers (Shashi Ruia – Chairman, and Ravi Ruia – Vice Chairman) tapped high level decision making conversations to know about important decisions and probably even to blackmail these people. They also tapped the phones of the Ambani family (Mukesh Ambani, Anil Ambani, Nita Ambani) to know about their business deals. 

Banks have recovered a total of Rs 1.1 lakh crore from defaulters who were unwilling to pay earlier. If the defaulter goes through IBC process, the promoters will lose control and will not be able to even bid for their own company. The fear to lose control over management is making the promoters pay loans. “It would be wrong to say that all the cases are withdrawn because the debtor pays up, but we are seeing that dues are cleared in a large number of cases once a case is filed,“ said a senior government official. So far 977 cases have been filed in National Company Law Tribunal (NCLT) where lenders led by banks or operational creditors such as suppliers initiated the process. This fiscal year, public sector banks are aiming to recover 1.8 lakh crore which is two and half times more than the last fiscal year.

Tags: banksEssar groupibcloansNPAs
Share204TweetSend
Previous Post

Manmohan Singh’s amnesia on the manipulation and misuse of CBI during his rule

Next Post

The unsung legacy of Netaji Subhas Chandra Bose

Related Posts

AI Appreciation Day Celebrated Globally, Spotlight on Innovation and Ethical Progress
Economy

AI Appreciation Day Celebrated Globally, Spotlight on Innovation and Ethical Progress

16 July 2025

In a world increasingly shaped by intelligent machines, July 16 has taken on a special significance. Marked as Artificial...

India Achieves 50% Non-Fossil Fuel Power Capacity
Economy

India Achieves 50 pc Non-Fossil Fuel Power Capacity, Five Years Ahead of Schedule

15 July 2025

In a major milestone for sustainable energy and climate action, India has achieved 50% of its total installed electricity...

Advantages of Using an EMI Calculator Before Applying for a Personal Loan
Finance

Advantages of Using an EMI Calculator Before Applying for a Personal Loan

14 July 2025

Thinking about applying for a personal loan? Before you hit that ‘Apply Now’ button, it’s wise to know what...

Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms of use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Currently Playing

The Shocking Truth About Mass Conversions in Tamil Nadu

The Shocking Truth About Mass Conversions in Tamil Nadu

00:07:26

The Butcher of Pahalgam: Sulaiman — Trained by ISI, Pakistan’s Commando-Turned-Terrorist

00:04:13

Congress’s Rohith Vemula Bill: Caste Polarization Masquerading as Reform

00:07:33

Bhima Koregaon Won’t Be Repeated; Maharashtra’s Special Act to Wipe Out Urban Naxals.

00:06:06

Conqueror of the Seas: Rajendra Chola and the Rise of Naval Bharat

00:07:47
Facebook Twitter Instagram Youtube
tfipostTfipost.com
Right Wing | News Analysis | Indian Opinion
  • About us
  • Careers
  • Brand Partnerships
  • Terms of use
  • Privacy Policy
  • Sitemap
MASHABLE IS A GLOBAL, MULTI-PLATFORM MEDIA AND ENTERTAINMENT COMPANY. FOR MORE QUERIES AND NEWS, CONTACT US AT info@mashablepartners.com


©2025 TFI Media Private Limited

No Result
View All Result
  • Premium
  • Politics
    • Analysis
    • Opinions
    • Trending
  • Economy
    • Business
    • Finance
  • Defense
    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
TFIPOST हिन्दी
TFIPOST Global

©2025 TFI Media Private Limited