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Essar Steel sale: Ruias offer to pay Rs 54,389 cr, seek withdrawl from IBC process

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In a major development, the Ruias, promoters of Essar Steel have sought withdrawal from the insolvency resolution process offering to pay dues of all the creditors. According to ET NOW, the Board and the shareholders of Essar Steel have decided to pay Rs 54,389 crore to creditors of all classes under Section 12A of the IBC to withdraw the company from the corporate insolvency resolution process.

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