Appearing for ArcelorMittal, senior advocate Harish Salve and A M Singhvi argued that the company had not set up UG or KSSP but had made commercial investments in them and had divested its shares much before bidding for Essar Steel, which allegedly defaulted on huge bank loans, part of which were obtained on personal guarantees of Essar promoters Ravi Ruia and Prashant Ruia to SBI. On a petition by SBI, the SC had recently ruled that banks could proceed against the personal guarantor for corporate loan defaults. Read more…