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ArcelorMittal hits out at JSW Steel, calls decision on Monnet Ispat 'mockery'

Press Trust of India  |  New Delhi 

today took a jibe at over the latter's bid resolution plan getting approval from the committee of creditors (CoC) of Ispat and (MIEL).

Yesterday, the CoC of debt-laden Ispat and Energy Ltd, which is undergoing insolvency proceedings, had approved the resolution plan submitted by the only bidder Sajjan Jindal's along with

In a tweet today, hit out at directly.

"@sajjanjindal Interesting what decision is being taken on today given it's clear JSW runs afoul of 29A as they are related to the existing promoter.who is making the mockery here?," India tweeted tagging

The tweet was in response to yesterday's development in which the CoC had approved the resolution plan of JSW-AION, a source said.

Sajjan Jindal's sister is married to Sandeep Jajodia, promoter of Ispat and Energy -- the firm facing insolvency proceedings and owes more than 10, 000 crore to its lenders.

in a statement said it has declared as qualified resolution applicant as per the provisions of section 29(A) of Insolvency and bankruptcy code (IBC) 2016.

"The intention of unfounded allegations may be to defame or probably using an insufficient or incorrect interpretation of information to mislead the general public. adheres to highest standards of corporate governance," it said without naming

has gone through the rigour of scrutiny. After the thorough examination of facts, is declared as qualified resolution applicant as per the provisions of section 29(A) of Insolvency and bankruptcy code (IBC) 2016 not only in but in other stressed accounts, it added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, April 11 2018. 22:50 IST
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