NCLT approves JSW Steel arm’s bid for Asian Colour Coated Ispat

Sarkaritel
By Sarkaritel October 19, 2020 14:59


New Delhi, Oct 19  The National Company Law Tribunal (NCLT) has approved the resolution plan of JSW Steel Coated Products Limited, a subsidiary of JSW Steel Ltd for acquiring the bankrupt Asian Colour Coated Ispat Limited (ACCIL).

In a regulatory filing, JSW Steel said that amended resolution plant was approved by the Delhi-bench of the tribunal on Monday.

The Haryana-based steel company has two plants, in Bawal (Rewari District) in Haryana and Raigad District in Maharashtra. The group’s total capacity is 1 million tonne, as per the company’s website.

JSW Steel had emerged the highest bidder for the company with a bid of Rs 1,550 crore.

This is yet another acquisition by the Sajjan Jindal-led company through the IBC route after it acquired Monnet Ispat in 2018.

Also, it is still awaiting the closure of the acquisition of Bhushan Power and Steel, one of India’s most high-profile and longest running insolvency cases.

It is stuck in litigation over attachment of assets of the Enforcement Directorate over alleged misdoings of the former promoter, although the National Company Law Appellate Tribunal (NCLAT) approved its Rs 19,700 crore bid in February this year.

Sarkaritel
By Sarkaritel October 19, 2020 14:59