After Committee of Creditors voted in favour of Arcelor Mittal's 42,000 crore bid for Essar Steel, the Ruias have proposed a stunning bid of 54,389 crore rupees to retain the debt-laden company. The proposal was made under Section 12A of the Insolvency and Bankruptcy Code with the Ruias offering to go up to 60,000 crore rupees to lenders. However, ArcelorMittal has said that IBC's Section 12A doesn't apply to the resolution process of the embattled company.
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