Monnet Ispat and Energy Ltd’s creditors have given approval to  a joint bid from AION Investments and JSW Steel, to take over the bankrupt firm.

Monnet Ispat, manufactures steel and is also involved in power generation business, it owes banks and other creditors 104.12 billion rupees $1.6 billion), according to government data.

Furthermore, in the stock exchange filing the company stated that, Monnet Ispat’s committee of creditors approved the resolution plan from AION Investments and JSW Steel by favourable votes of approx 99%. However, it did not provide any details of the takeover offer.

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