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JSW Steel Ltd to seek clarifications on NCLAT order

Posted On: 2019-12-06 15:05:44


JSW Steel Ltd had earlier announced regarding the resolution plan submitted by JSW Steel Limited (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 S. 31 of the Insolvency and Bankruptcy Code, 2016 (the "NCLT Orders").

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 (a copy of the order was received on December 5, 2019) ("NCLAT Order").

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.

Shares of JSW STEEL LTD. was last trading in BSE at Rs.251.3 as compared to the previous close of Rs. 259.8. The total number of shares traded during the day was 617715 in over 5096 trades.

The stock hit an intraday high of Rs. 261.65 and intraday low of 250.05. The net turnover during the day was Rs. 157334912.


Source: Equity Bulls

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