Editor's Take | Ruias losing options to retain crown jewel Essar Steel

In a blow to the Ruias and their hope to retain crown jewel Essar Steel, the National Company Law Tribunal (NCLT) has rejected the promoters' plea to repay debt of the company.

The NCLT reportedly said there is no illegality in banks not accepting the plan of Essar Steel's promoters.

While the Tribunal had done nothing wrong in selecting the bid by ArcelorMittal, it added that a withdrawal of the insolvency case - as demanded by the Ruias - can only be done by the applicant who initiated the process.

Uttaresh Venkateshwaran is in conversation with Moneycontrol Corporate Bureau Chief Prince Thomas to discuss Ruias seemingly losing out Essar Steel.