Monnet Ispat eyes JSW deal to escape insolvency

Gets time until Monday from NCLT for next hearing

In line for insolvency, Monnet Ispat is looking for a window in an earlier buy-out offer from the Sajjan Jindal-promoted JSW Steel. The company on Thursday told the National Company Law Tribunal (NCLT) that it was in discussion with JSW Steel for a workable option.

“I have made some suggestions to the management of Monnet with regard to JSW Steel and hence seek time until Monday for the next hearing,” a Monnet Ispat lawyer told the NCLT. 

In February, JSW Steel had made an offer to acquire stake in Monnet Ispat. Though the bid continues to stand valid under the Joint Lenders’