Debt-laden Monnet Ispat and Energy Ltds creditors have approved an offer made by a consortium of distressed asset fund AION Capital Partners and billionaire Sajjan Jindal-led JSW Steel, The Economic Times reported, citing a person aware of the development.
The offer includes a payment of Rs 2,450 crore to the lenders and equity funding of Rs 1,050 crore, the report said. Monnet has a debt of Rs 10,237 crore, according to the report.
Monnet Ispat is undergoing an insolvency resolution process initiated by the National Company Law Tribunal. It is one of the12 large loan defaulters identified by the Reserve Bank of India in its first list for debt resolution under the Insolvency and Bankruptcy Code.
AION Capital is a joint private…
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