JSW Steel today said the Competition Commission of India has approved bid by a consortium led by it to acquire bankrupt Monnet Ispat and Energy Ltd (MIEL) in an insolvency auction.
The committee of creditors (CoC) of Monnet Ispat and Energy, which is undergoing insolvency proceedings, had on April 12 approved the resolution plan submitted by the only bidder Sajjan Jindals JSW Steel along with AION Capital.
“The Competition Commission of India (CCI)…considered the proposed combination and is of the opinion that there is no appreciable adverse effect on competition,” JSW Steel said in a regulatory filing.
The resolution plan remains subject to the approval of the National Company Law Tribunal (Mumbai bench), it added. Read More