SBI to take Monnet Ispat to NCLT

Lenders to Monnet Ispat on Tuesday gave the mandate to the State Bank of India, the lead lender, to move an application before the National Company Law Tribunal (NCLT) to start the resolution process for the ailing steel firm.

A senior public sector bank executive said the lenders had given their nod to file the application under the Insolvency and Bankruptcy Code.

This follows the Reserve Bank of India’s directive to lenders to initiate a corporate insolvency resolution process (CIRP) against the company.

Rating agency CARE had downgraded Monnet Ispat's loans and debentures to default grade “D” in July 2015 on delay in