Monnet Ispat first stressed firm to get bids, JSW Steel submits plan

Monnet Ispat & Energy has become the first stressed company to get resolution plans from prospective bidders. It is among the 12 large corporate loan defaulters referred by the Reserve Bank of India for insolvency proceedings. 

JSW Steel is learnt to have submitted its resolution plan along with AION Capital. JSW Steel will have a majority stake in the special purpose vehicle that proposes to take over a part or all of Monnet Ispat & Energy. Sources close to JSW said the company was likely to be the only bidder. 

Tata Steel had earlier expressed an interest in Monnet. When