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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. The resolution plan submitted jointly by JSW Steel and AION Capital was the only offer that Monnet Ispat and Energy received by December 23 -- the last date for submission of the bids for the company. The JSW-AION offer has been approved and the lenders have sent it for legal vetting the fate of which is likely to be decided within 15 days, the source said. Monnet Ispat & Energy was the first stressed company to get resolution plans from prospective bidders. It was among the 12 NPAs referred by the Reserve Bank of India for insolvency proceedings.
The company owes more than Rs 10,000 crore to its lenders. As per the rules, the entire insolvency process has to end within 270 days. Priority should be 180 days and if not cleared another 90-day time can be sought. Monnet Ispat and Energy Ltd (MIEL), the flagship company of Monnet Group, has a sponge iron unit with a capacity of one lakh tonnes per annum (TPA). MIEL has an integrated steel plant at Raigarh which has a production capacity of 1.5 MTPA to produce HR (hot rolled) plates, rebars and structure profiles to cater to the rapidly growing infrastructure and construction industry. Sajjan Jindal-led JSW Steel is in expansion mode. It has plans to raise its capacity to 45 MT by 2030 from 18 MT at present.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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