Monnet Ispat Bankruptcy: NCLT Appoints Resolution Professional 

Allowing the plea of a consortium of lenders led by State Bank of India, the National Company Law Tribunal on Monday appointed an interim resolution professional to initiate bankruptcy proceedings against Monnet Ispat & Energy Ltd.

The Mumbai bench of NCLT appointed Sumit Binani as an IRP – supported by Grant Thornton Advisory – for carrying out the Corporate Insolvency Resolution Process, Monnet Ispat said in a filing to the BSE. The powers of the board have been suspended and shall be exercised by the IRP, the filing said.

The company said it received a copy of the order on Monday.

NCLT's order follows a petition filed by lenders against Monnet Ispat under the Insolvency and Bankruptcy Code, 2016.