JSW Steel Coated Products Limited (JSCPL), a wholly owned subsidiary of JSW Steel, has been declared a successful resolution applicant for National Steel and Agro Industries.

In a stock market filing, JSW Steel stated that JSCPL has submitted a resolution plan under the corporate insolvency resolution process of National Steel and Agro Industries Limited (NSAIL) on September 6, 2022, as amended on October 6.

The resolution professional issued a letter of intent to JSCPL on October 7, reporting that the corporate debtor’s committee of creditors has approved JSCPL’s resolution plan and declared it a successful resolution applicant.

JSCPL accepted the letter of intent on October 7, according to the filing. The closing of the transaction will be subject to obtaining necessary approvals from the National Company Law Tribunal, Mumbai, the company said in the filing.

NSAIL, which mainly deals in flat steel products such as cold-rolled coils, galvanized corrugated sheets, color coils and pre-painted profile sheets, owes lenders more than Rs 1,600 crore.

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