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Essar Steel auction to test India’s new insolvency law

By Declan Bush

15 February 2018

Luxembourgish and Russian-backed companies have emerged as competing bidders for insolvent steelmaker Essar Steel India, in what counsel to one of the potential buyers says will be a “milestone, precedent-setting” auction for the country’s year-old insolvency law.

Essar Steel auction to test India’s new insolvency law Credit: iStock.com/Drazen_