Lenders of Asian Colour Coated Ispat Ltd. (ACCIL) have approved the JSW Groups 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 State Bank of India (SBI) to initiate the Corporate Insolvency Resolution Process (CIRP) for the company.
The Resolution Professional (RP) appointed to carry out the insolvency process was Kuldip Bassi.
The total admitted debt in the resolution process was about 6,500 crore. According to sources, the committee of creditors approved the bid of JSW Group, with nearly 80% of lenders voting in favour.
For approval, a resolution plan needs at least 66% votes in favour.
To acquir…
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