Creditors's final call on JSW-Aion Capital bid for Monnet in 2-3 weeks

The resolution plan for Monnet Ispat proposed by the Aion Capital-JSW Steel consortium is being reviewed by legal advisors presently and the creditors committee will take a final call on the offer in two-three weeks, sources said.

Without divulging the details of the bid offer made by the consortium of Aion Capital and JSW Steel, a source in the know of the development said, "the creditors committee may meet again in two to three weeks and take a call on the offer."

"The discussion on the resolution plan for Monnet Ispat is in progress and legal advisors are reviewing the offer," the source said.

The spokesperson of Grant Thornton -- the advisor to resolution professional of Monnet Ispat -- refused to comment on the development.

When contacted, a JSW Steel spokesperson declined to comment on the development.

Monnet Ipsat is among the 12 defaulters referred by the Reserve Bank of India (RBI) for insolvency proceedings.

Monnet Ispat & Energy Ltd (MIEL), has a de-risked business portfolio that encompasses manufacturing and marketing of sponge Iron, steel and ferro alloys. The company is also engaged in mining of minerals like coal and iron ore.