The Economic Times

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

Banks had claims attached to the personal guarantees issued by the Essar promoters which was linked to the Essar Steel resolution. AM/NS' plan had made specific provisions to pay off these liabilities too, but there were some legal issues which are now resolved, allowing banks and AM/NS to complete this deal, said a person familiar with the details.