Monnet Ispat declared insolvent despite JSW offer

Debts swelled to Rs 12,500 cr during slack in steel industry, after its coal mines were de-allocated

The National Company Law Tribunal (NCLT) has declared the Sandeep Jajodia-promoted Monnet Ispat insolvent, following a fierce battle with its lenders.

The board of Monnet Ispat stands dissolved and the company’s ownership goes into the hands of an interim resolution professional who will initiate the insolvency process. 

Insolvency professionals said the Sajjan Jindal-promoted JSW Steel could now submit a bid for acquisition of the company. “The first action to be undertaken by the interim resolution professional is to issue an advertisement seeking bids from interested buyers,” said an insolvency professional.

A questionnaire to the Monnet Ispat spokesperson went unanswered. 

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