The Competition Commission of India has approved a bid by a consortium led by JSW Steel to acquire Monnet Ispat and Energy Ltd (MIEL) in an insolvency auction.

Currently, Monnet Ispat is a bankrupt company.

Monnet Ispat's committee of creditors, had approved the resolution plan submitted by the only bidder Sajjan Jindal's JSW Steel and AION Investments Private II Limited.

"The Competition Commission of India (CCI) considered the proposed combination and is of the opinion that there is no appreciable adverse effect on competition," JSW Steel said in a regulatory filing.

Resolution Plan is subject to the approval of the National Company Law Tribunal (Mumbai bench), it added in the statement.

Under the corporate insolvency resolution process of the Insolvency and Bankruptcy Code 2016, the JSW Steel and AION Investments Private II Limited had previously submitted a bid for MIEL.

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