JSW Steel has made an elaborate, three-phase turnaround plan for Monnet Ispat, the distressed steelmaker that was referred to insolvency courts last year for defaulting on loan repayments.
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 Mumbai bench of NCLT on Wednesday adjourned until May 4 the hearing on the resolution plan for Monnet Ispat and Energy, with the judge seeking clarity from the resolution professional’s counsel on a few aspects of the revival blueprint.
A final decision on the lone bid for debt-laden Monnet Ispat and Energy Ltd is likely within a fortnight, a source in the know of the development said.
Monnet Ispat & Energy has become the first stressed company to get resolution plans from prospective bidders. It is among the 12 large corporate loan defaulters referred by the Reserve Bank of India for insolvency proceedings.