JSW Steel Coated Products Gets LoI for Asian Colour Coated Ispat

Image Source: The Economic Times

JSW Steel announced that its wholly owned subsidiary, JSW Steel Coated Products Limited had submitted a resolution plan for Asian Colour Coated Ispat Limited, a company undergoing insolvency resolution process under the Insolvency and Bankruptcy Code, 2016. The Committee of Creditors of ACCIL has issued a Letter of Intent dated 6th July, 2019 to JSWSCPL and the same has been accepted by JSWSCPL.

The closure of the transaction shall be subject to obtaining necessary approval from the National Company Law Tribunal, New Delhi.

Source : Strategic Research Institute, SteelGuru