Monnet Ispat next in line for insolvency proceedings; AION Capital-JSW resolution plan cleared

Debt-ridden steel company, Monnet Ispat, is likely to be the next in line to undergo insolvency proceedings as AION Capital-JSW resolution plan was cleared on April 10, sources said.

The National Company Law Tribunal (NCLT), which was supposed to take up the AION Capital-JSW resolution plan today has deferred its decision on the plan for tomorrow.

Now, with Kotak Mahindra Counsel's consent, AION Captial-JSW resolution plan has 99% CoC approval. Around 98% of the lenders had already voted in favour of AION Capital-JSW resolution plan as the offer includes a payment of more than Rs 2,750 crore to the lenders, the sources said.