Lenders approve JSW’s Rs 1,550-cr bid for ACCIL


Team Udayavani, Jun 29, 2019, 3:08 PM IST

New Delhi: Lenders of Asian Colour Coated Ispat Ltd (ACCIL) have approved the JSW Group’s Rs 1,550 crore bid to acquire the debt-ridden steel firm, sources said.

ACCIL went into insolvency in July last year after the National Company Law Tribunal (NCLT) admitted an application by SBI to initiate Corporate Insolvency Resolution Process (CIRP) for the company.

The Resolution Professional (RP) appointed to carry out the insolvency process was Kuldip Bassi, supported by EY.

The total admitted debt in the resolution process was around Rs 6,500 crore.

According to sources, the committee of creditor (CoC) approved the bid of JSW Group, with nearly 80 per cent of lenders voting in favour.

For approval, a resolution plan needs at least 66 per cent votes in favour.

To acquire ACCIL, JSW has offered Rs 1,550 crore, almost all of which will go to financial creditors, they added. SBI, Bank of Baroda and IDBI Bank are the main lenders, along with some other banks and financial institutions.

When contacted, a JSW spokesperson declined to comment.

ACCIL is a steel products manufacturing company and has plants near Delhi and Mumbai with an annual capacity of one million tonnes.

The company specialises in downstream, galvanised and colour-coated products which are exported to Europe, Latin America and Africa.

Last year, a JSW Steel-led consortium had acquired majority stake in Monnet Ispat and Energy Ltd for Rs 2,875 crore under the Insolvency and Bankruptcy Code.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Maharashtra Polls: Eknath Shinde targets Uddhav for `giving up’ Bal Thackeray’s principles for power

Will appear before Lokayukta for questioning in MUDA case, says CM Siddaramaiah

Lies have short life, Cong’s ‘fake’ narrative smashed: Fadnavis

Temple idols found desecrated in Hyderabad, case registered

SC junks plea against quashing of LOC issued to ex-house help of Sushant Singh Rajput

JPC chairman Jagdambika Pal to visit K’taka on Nov 7 to meet farmers protesting Waqf notices

Indian boxer Mandeep Jangra wins WBF’s world title

Related Articles More

CBDT allows tax officials to waive or reduce interest due from assessee

Markets fall in early trade amid unabated foreign fund outflows

New software for fast-tracking project approvals: Karnataka Minister Patil

In-flight passengers can access WiFi services only when allowed, say new rules

SEBI mulls separation of non-regulated activities; ‘cross-default’ definition for debenture trustees

MUST WATCH

Gho Pooja in Deepavali Festival

Melukote Deepavali

Ganapathi Co-operative Society Ltd

Udayavani Chinnara Banna 2024

Annapoorna Aahar | Food Places In Mysore


Latest Additions

Davanagere: Man murdered by relative for insurance money; 4 arrested within 24 hours

Heroin worth Rs 3.5 crore recovered in police raid in Delhi, 2 arrested

Govt clerk found dead in Tahsildar’s chamber, FIR filed against minister’s PA, 2 others

Treated Muslims like fuel for ‘lantern’: Prashant Kishor targets Lalu, asks upper castes to stay away from Nitish

MP Brijesh Chowta urges Kerala CM for strict action against attack on Edneer Swamiji’s vehicle

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.