ALSO READMonnet may accept resolution plans even after deadline Insolvency resolution: Bidding for Monnet Ispat delayed again Insolvency resolution: Top 5 steel firms need to pay Rs 29,000 cr to bid Stressed asset buyers may get relief from competition law, MAT Insolvency and Bankruptcy Code: Keeping promoters at arm's length
An independent director of debt- laden Monnet Ispat and Energy Ltd, which is undergoing NCLT proceedings, has resigned with immediate effect. Monnet Ispat is one of the 12 companies which the Reserve Bank of India had referred to the National Company Law Tribunal (NCLT) for insolvency proceedings in June this year. "...the company today received a letter from Ankita Wadhawan, Independent Director of the company, tendering her resignation from the board of directors of the company with effect from December 29, 2017," the company said in a filing to the BSE. At the end of March 2017, Monnet Ispat had a debt of Rs 10,333 crore.