RP moves NCLT for extension of Asian Colour Coated Ispat deadline

Sole bid of Rs 1,200 cr by JSW Steel under a cloud as RP, CoC eye better deal

Sole bidder JSW Steel's Rs 1,200 crore offer for downstream company, Asian Colour Coated Ispat Limited, may be under a cloud, as the resolution professional and the committee of creditors have moved the National Company Law Tribunal (NCLT), seeking an extension of deadline.

Resolution professional (RP), Kuldip Kumar Bassi, said that an extension had been sought in NCLT. "Everybody's objective is maximisation of value, it would be good to have some competition," he said. Asked whether fresh bids would be invited, Bassi said, it would be a CoC (committee of creditors) decision if the extension was granted. 

The 270-day CIRP deadline for