Monnet Ispat is among the 12 defaulters referred by the Reserve Bank of India for insolvency proceedings
New Delhi : The resolution plan for Monnet Ispat proposed by the Aion Capital-JSW Steel consortium is being reviewed by legal advisors presently and the creditors committee will take a final call on the offer in two-three weeks, sources said.
Without divulging the details of the bid offer made by the consortium of Aion Capital and JSW Steel, a source in the know of the development said, “the creditors committee may meet again in two to three weeks and take a call on the offer.” “The discussion on the resolution plan for Monnet Ispat is in progress and legal advisors are reviewing the offer,” they said. The spokesperson of Grant Thornton — the advisor to resolution professional of Monnet Ispat — refused to comment.
When contacted, a JSW Steel spokesperson declined to comment on the development.
Monnet Ispat is among the 12 defaulters referred by the Reserve Bank of India (RBI) for insolvency proceedings. Monnet Ispat & Energy (MIEL), has a de-risked business portfolio that encompasses manufacturing and marketing of sponge Iron, steel and ferro alloys. The company is also engaged in mining of minerals like coal and iron ore.
