NCLT Allows New Claims Of Rs 8 Bn Against Monnet Ispat & Energy


NCLT Allows New Claims Of Rs 8 Bn Against Monnet Ispat & Energy

The National Company Law Tribunal’s (NCLT) Mumbai bench on Tuesday morning instructed the resolution professional (RP), appointed to oversee Monnet Ispat and Energy Ltd (MIEL), to consider the new claims made against the corporate debtor and place them before the committee of creditors (CoC).

A source close to the deal told Business Standard that the committee of creditors will be meeting on Saturday to clear these new claims worth Rs 8.09 billion in total, in addition to prospective acceptance of the bid-offer made by JSW Steel and AION Investments.

MIEL is one of the twelve large non-performing asset accounts referred for insolvency and bankruptcy proceedings by the Reserve Bank of India, last June. The total claim made by lenders against the company is to the tune of Rs 107 billion. Read More…

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