Monnet promoters back time-bound resolution of debt crisis under IBC

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

The promoters of Monnet Ispat & Energy, one of the accounts identified by the Reserve Bank of India (RBI) for insolvency, are backing the time-bound resolution of the debt crisis under the Insolvency and Bankruptcy Code (IBC).

"Once the petition is admitted in the National Company Law Tribunal, the independent resolution professional will have to call a creditors' meeting in 30 days and then a resolution plan will have to be submitted to the tribunal in 180 days. We are hopeful that a resolution will now emerge. Monnet is a quality asset," Sandeep Jajodia, chairman and managing director, Monnet Ispat &