Of the 1198 bankrupt companies admitted for resolution, just 52 are being sold until September end. The liquidation process has started in 212 cases. There are 816 cases pending for resolution.

Some big accounts are in the process of getting resolved while some more are lined up for resolution under the Insolvency and Bankruptcy Code (IBC).

Essar plans to legally challenge the creditor panel's decision to pick ArcelorMittal, as it believes its offer would ensure 100 per cent recovery for lenders while accepting ArcelorMittal's offer would entail a haircut.

The Committee of Creditors of Essar Steel accepted the joint offer made by ArcelorMittal and Japan's Nippon Steel.

Ruias are believed to have a back-to-back agreement with Russia's VTB group to raise Rs 55,000 crore as loan at 2-3 per cent interest.