 "Insolvency case: NCLT to hear Monnet Ispat's case today")
The National Company Law Tribunal will hear Monnet Ispat's insolvency case on Tuesday, after it was a given brief hearing on Monday. In line for insolvency, Monnet Ispat was working for a buyout offer from the Sajjan Jindal-promoted JSW Steel.
Earlier in February, State Bank of India (SBI) had not approved the proposal that JSW Steel had made to acquire stake in Monnet Ispat.
“I have made some suggestions to the management of Monnet with regard to JSW Steel and hence seek time until Monday for the next hearing,” a Monnet Ispat lawyer told the NCLT on Thursday. This will now be heard on Tuesday. ”JSW Steel is internally discussing a revised offer for Monnet; discussions between JSW and Monnet are yet to take place,” said a source on the condition of anonymity.
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