AM/NS takes over banks' claims linked to Essar Group promoters' personal guarantees

AM/NS (ArcelorMittal Nippon Steel) completed the takeover of bank claims linked to personal guarantees of Essar Group promoters Prashant and Ravi Ruia through a Swiss challenge auction, with State Bank of India as the lead creditor. The transaction, valued at a reserve price of Rs 200 crore, covers Rs 13,751 crore of residual liabilities arising from the Essar Steel resolution completed in 2019. Lenders had already recovered close to 90 percent of their over Rs 49,000 crore dues from the original bankruptcy process, with this deal monetising the remaining guarantees.