Race for Monnet Ispat: Committee of Creditors clears resolution plan by Aion-JSW
Aion-JSW was identified as the only bidder for Monnet Ispat and was identified as H1 for Monnet Ispat.
The Committee of Creditors (CoC) has cleared the resolution plan for Monnet Ispat by Aion-JSW.
Aion-JSW was identified as the only bidder for Monnet Ispat and was identified as H1 for Monnet Ispat.
Banking sources say over 97% of the lenders voted in favour of Aion-JSW proposal and offer includes payment of over Rs 2,750 crore to lenders and equity infusion of Rs 1,050 crore.
This works out to 72% haircut that banks will have to take on the Rs 10,000 crore debt. Banks are led by State Bank of India and IDBI Bank.
The resolution professional (RP) and CoC will submit the approved resolution plant to National Company Law Tribunal (NCLT) for final nod.
First Published: Apr 10, 2018 5:19 PM IST
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