AION-JSW bid for Monnet Ispat gets creditors’ nod

Monnet Ispat and Energy Limited’s creditors have approved an offer made by a consortium of distressed asset fund AION Capital Partners and JSW Steel. The offer includes a payment of Rs 24.5 billion to the lenders and equity funding of Rs 10.5 billion. Monnet, reportedly, has a debt of Rs 102.37 billion. Monnet Ispat is undergoing an insolvency resolution process initiated by the NCLT. It is one of the 12 large loan defaulters identified by RBI in its first list for debt resolution under the Insolvency and Bankruptcy Code.

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