Monnet Power lenders have rejected the bid of JSW Energy due to "poor terms of the offer", Business Standard reported, citing sources. JSW Energy was the lone bidder of Monnet Power.
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"Monnet Power will go for liquidation as the bid made by JSW Energy has been rejected by 90 percent of the lenders. JSW wanted to make the payment over the next 10 years, which was not accepted," sources told the paper, adding that the upfront Rs 50 crore also was not 'good enough'.
JSW Energy made a total offer of buying out the company for Rs 500 crore. The Sajjan Jindal-led group acquired Monnet Ispat in July, making it one of the firsts in the IBC proceedings.
Monnet Power was a part of the second NPA list released by the central bank in December 2017 after it defaulted more than Rs 3,500 crore.