Ruias want to pay up, bid for Essar Steel

Promoters seek clarification from banks on pending interest; Bhushan Power's Singal to follow suit

The Essar Group is planning to pay its dues to lenders so that it can take part in the bidding process for its steel plant in Hazira, Gujarat. Tata Steel, ArcelorMittal and others are reportedly keen to acquire it. 

The group has sought clarification from lenders on the overdue interest so that it can pay it and submit its bid by December-end, said a lender. 

Essar Steel is among the 12 companies that were sent to the National Company Law Tribunal (NCLT) by the RBI for resolution under the Insolvency and Bankruptcy Code (IBC). Others, too, are in the race. Sanjay Singal,