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NCLT approves JSW Steel-AION resolution plan for Monnet Ispat

Steel News - Published on Fri, 20 Jul 2018

Image Source: SteelGuru
The Mumbai Bench of the National Company Law Tribunal (NCLT) on Thursday approved the resolution plan for debt-laden Monnet Ispat and Energy, submitted by the JSW Steel-AION Investments Pvt II Ltd consortium. Monet Ispat informed BSE “The resolution plan (as amended and supplemented) submitted by the consortium of JSW Steel Limited and AION Investments Private II Limited and approved by the committee of creditors of the Company with certain amendments in respect of the corporate insolvency resolution process of MIEL was approved with modifications at today's hearing by the Mumbai bench of the Hon'ble National Company Law Tribunal.”

It added “The details of the written order of the NCLT are awaited. The Company will provide the salient features of the Resolution Plan as approved by the NCLT once the written order of the NCLT is received by the Company.”

The consortium had offered INR 28.75 billion to acquire the company. Monnet Ispat and Energy has an outstanding debt of around INR 114 billion. It owes secured financial creditors around INR 40 billion, unsecured financial creditors INR 70 billion and operational creditors INR 4.4 billion The total bid value, according to the earlier plan, was around INR 37 billion.

The consortium held 75 per cent of the equity of which AION held 70 per cent and JSW 30 per cent.

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Posted By : Sanju Moirangthem on Fri, 20 Jul 2018
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