A month ago when Bhushan Steel was sold to Tata Steel, there were loud rounds of self-congratulation by government ministers and advisors about the fact that almost 65 per cent of the loan was recovered and only 35 per cent written off. I had then suggested that a successful resolution of bad loans would depend on a few fortuitous factors, mainly the quality and size of the asset and the number of well-capitalised players in the sector. The steel business is booming and Bhushan offered a large established capacity to well-established bidders, hence was an extremely attractive asset. Similarly, Essar
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