NCLT Admits JM Financial as Petitioner in NSAIL Insolvency Case
Strategic Research Institute
Published on :
25 Jan, 2022, 5:17 am
Mumbai bench of the National Company Law Tribunal, presided over by Justice Pradeep Narhari Deshmukh, has allowed the substitution of JM Financial ARC, to whom the original petitioner Bank of India have assigned their debt, as petitioner for National Steel & Agro Industries Ltd case under the Corporate Insolvency Resolution Process in an oral order and have posted the hearing of the matter to 9 March 2022. Along with the Bank of India, other lenders, mostly state-owned banks including IDBI Bank, State Bank of India, Bank of Maharashtra, Central Bank, Union Bank and Punjab National Bank, have also assigned their debts to JM Financial ARC.
BSE listed National Steel & Agro owes about INR 1,600 crore to its lenders. Initially, in 2014, National Steel & Agro entered into a loan agreement with the consortium led by IDBI Bank for over INR 1,431 crore, in which the Bank of India had sanctioned INR 125 crore. On 30 September 2018, the company was declared a Non-Performing Asset after failing to repay its dues as per the loan agreement. A lender moved against the company at NCLT in May 2019.
National Steel and Agro Industries Ltd is primarily known for its flat steel products Cold Rolled Coil, Galvanized Corrugated Sheets, Color Coil & Pre-painted Profile sheets, etc. It has built an installed capacity of around 380,000 tonnes per annum
1987: Production from Continuous Galvanized Line (CGL) -1 started
1994: In-house Cold Rolling Mill (CRM) - 1 started
1999: CGL – Line 2 started
2004: Color Coating Line commissioned
2004: Cold Rolled Mill (CRM) – 2 added
2012: CGL Line 3 started
2015: Color Coating Line Started with 1500 mm (Wider) width
2016: Adding new product range of Aluminium Zinc alloy coated product