Sajjan Jindal-led JSW Steel today said that the resolution plan submitted by JSW Steel Coated Products Limited, a wholly-owned subsidiary of the primary steel producer, for insolvent Asian Colour Coated Ispat Limited (ACCIL) has been approved by the National Company Law Tribunal (NCLT).
Haryana-based Asian Colour Coated Ispat Limited also has facility in Maharashtra and combined they have a total capacity of 1 million tonne.
JSW Steel had emerged the highest bidder for the company in June last year with an offer of Rs 1,550 crore. In March, the National Company Law Appellate Tribunal (NCLAT) had excluded the lockdown period for counting of the ‘resolution process’ under Section 12 of the IBC. The debt resolution automatically was extended for the lockdown.
Meanwhile, JSW Steel is awaiting results of the litigation initiated against the acquisition by former Bhushan Power promoters. The Mumbai-based steel producer has acquired Monnet Ispat for Rs 2,875 crore in 2018 under the insolvency and bankruptcy (IBC) process.
No comments:
Post a Comment