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Jun 20, 2017 08:47 PM IST | Source: Moneycontrol.com

Monnet Ispat closes 20% higher on buzz of lenders’ meet to discuss resolution

The sources added that lenders were likely to give an in-principle nod to send the case to National Company Law Tribunal (NCLT).

Shares of Monnet Ispat closed higher by about 20 percent on buzz resolution-based developments for the company.

Sources told CNBC-TV18 that the company’s joint lenders’ forum (JLF) will be meeting on Tuesday to discuss the future of the company. The sources added that lenders were likely to give an in-principle nod to send the case to National Company Law Tribunal (NCLT).

Furthermore, if accepted, the creditors’ meeting will be called within 30 days and the lenders are also likely to submit a resolution plan in 180 days.

A maximum extension of 90 days would be given, failing which the company will go for liquidation.

The stock closed at at Rs 36.10, up Rs 6.00, or 19.93 percent on the BSE. It has touched an intraday high of Rs 36.10 and an intraday low of Rs 28.95.
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