Monnet Ispat's creditors approve resolution plan by AION and JSW Steel

The resolution application will be filed within the 270-day period which is April 13

The Committee of Creditors has approved the resolution plan for Monnet Ispat & Energy submitted by the JSW-AION combine.

The letter of intent will be issued shortly, sources close to the development said. The resolution application will be filed by April 13, when the stipulated 270-day period ends. The upfront offer for Monnet Ispat & Energy is Rs 27.90 billion, and the claims made by the lenders are around Rs 114 billion, which includes new claims of around Rs 8.09 billion, admitted in accordance with the instructions of the Mumbai Bench of the National Company Law Tribunal (NCLT).

The total bid includes