Essar Steel and its Revival from the Brink of Bankruptcy
While 2020 will be remembered for COVID-19, 2016 will be remembered for something that was very significant in the corporate world. An event which will go down in the history of corporate business. An event which will be a watershed moment in Indian history and has modified the way things work. It’s the year where the IBC or the Insolvency and Bankruptcy Code was put into place. As great as it sounds, something bad also happened in the very same year. It was the year when Essar Steel was declared bankrupt and was brought under the very IBC that was amended. Before we jump into the details, let us get into the various facts that led to the very situation. History of Essar Steel Essar Steel is India’s oldest and leading conglomerate, operating in the private sector. The Essar group is owned and controlled by the Ruia family. Founded in early 1969, the group has a lot of business in hand out of which Essar steel is notable. It is the second-largest steel-producing entity in the count...