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Essar Steel fate yet to decide

Domestic major steel player Essar is under IBC proceedings since last 2 years. The decision of NCLAT came on 5 july cleared the bid of 42000 crore of arcelor mittal group.  But its financial lenders like SBI are not happy with the decision and planning to go for Supreme court as per a banking executive. The Ruias resolution plan of 54000 crore is looking more promising to lenders as they get entire share of their loan amount. Where as company is now performing well as they posted 1120 crore operating profit in april- june quarter which is 2.5% increased from the same quarter in last year despite price downfall in steel sector. The company is under resolution professionals and performing well by improving their product mix, Now the company is managing cash flow for their entire operations and not taking any kind of loan. But the fate is still to decide of this 10mt capacity major steel giant group. 

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