JSW Steel to file application with NCLAT in relation to Vardhman Industries acquisition

The Company had preferred an appeal before the Hon'ble National Company Law Appellate Tribunal (NCLAT) challenging certain portions of NCLT Orders, and the Judgment on the same has been pronounced on December 4, 2019 by the Hon'ble NCLAT.

Dec 06, 2019 08:12 IST India Infoline News Service

JSW Steel
JSW Steel informed the exchanges in furtherance to the company's earlier communication on December 5, 2019 in relation to Resolution Plan submitted by the company for Vardhman Industries Limited ("VIL").

The Resolution Plan of the Company has been approved by the Hon'ble NCLT, vide its orders dated December 19, 2018 and April 16, 2019 under the Insolvency and Bankruptcy Code, 2016. 

The Company had preferred an appeal before the Hon'ble National Company Law Appellate Tribunal (NCLAT) challenging certain portions of NCLT Orders, and the Judgment on the same has been pronounced on December 4, 2019 by the Hon'ble NCLAT. 

The Company now proposes to seek certain clarifications from the Hon'ble NCLAT in relation to the NCLAT Order and is in the process of filing an application with Hon'ble NCLAT for the same, the company added.

JSW Steel Ltd is currently trading at Rs252.30 up by Rs1 or 0.4% from its previous closing of Rs251.30 on the BSE.

tThe scrip opened at Rs251.65 and has touched a high and low of Rs256.75 and Rs249.90 respectively. So far 61,91,493 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs60,744.75cr.

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