Insolvency process: Debt-laden Essar Steel's case may drag, say lawyers

This is not the first time the promoters of Essar Steel are trying to get the company back

With promoters wanting to get back Essar Steel, lawyers expect the insolvency case to drag on. Lenders could outright reject the promoters’ offer even if they want to pay the entire debt, since lawyers say such an offer is invalid. 

“Withdrawal of this application is not permissible as the company has come forth for payment after the due process. Expression of interest to the selection of bidder and voting has been completed. Section 12(A) does not allow withdrawal once all processes are over under the Insolvency and Bankruptcy Code (IBC),” Shardul Shroff, executive chairman of law firm Shardul Amarchand Mangaldas,