Monnet Ispat

JSW's second-quarter results presentation mentioned that steel making operations were impacted by earlier announced maintenance shutdown and repairs

The third of a four-part series on the Insolvency and Bankruptcy Code takes a look at how the steel firm's turnaround plan was to be undertaken in phases

Its net loss widened sharply because of an exceptional item of Rs 27.72 billion on account of impairment of value of its assets

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," the source said. The spokesperson of Grant Thornton -- the advisor to resolution professional of Monnet Ispat -- refused to comment on the development. When contacted, a JSW Steel spokesperson declined to comment on the development. Monnet Ipsat is among the 12 defaulters referred by the Reserve Bank of India (RBI) for insolvency proceedings. Monnet Ispat & Energy Ltd (MIEL), has a de-risked business ...

Though the rules do not prohibit a single bidder, there were apprehensions that the bid might not fetch the right price

The lenders had given their nod to file the application under the Insolvency and Bankruptcy Code

Monnet ran into a huge debt, and in August 2015, lenders invoked strategic debt restructuring

Volumes in the counter were over 2 lakh shares compared to the 2-week average of 31,000 shares