JSW Steel Limited on Friday said its wholly owned subsidiary, JSW Steel Coated Products Limited, has received a letter of intent after the committee of creditors (CoC) approved its resolution plan for Colour Roof India Limited under the Insolvency and Bankruptcy Code.
“JSWSCPL has received a letter of intent on May 28, 2026 issued by the resolution professional of the Corporate Debtor informing that the Committee of Creditors (“CoC”) of the Corporate Debtor has approved the resolution plan (along with the addendum) submitted by JSWSCPL and therefore, JSWSCPL continues as the successful resolution applicant,” JSW Steel said in its exchange filing.
In a regulatory filing, the steelmaker said the resolution professional informed JSW Steel Coated Products on May 28 that the CoC had cleared the plan along with an addendum submitted earlier this month, confirming the subsidiary as the successful resolution applicant.
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The development follows an order by the National Company Law Tribunal that allowed certain applications by the erstwhile promoter of Colour Roof and permitted revised financial plans from resolution applicants. Pursuant to this, JSW Steel Coated Products submitted an addendum to its original resolution plan on May 13.
The tribunal had directed the inclusion of certain applicants—previously excluded from the final list of prospective resolution applicants—allowing them to submit their resolution plans. It has also permitted existing bidders to revise their financial offers upward and asked the CoC to reconsider all plans afresh before declaring the successful resolution applicant, JSW Steel said.
The NCLT order followed a challenge by a consortium led by the erstwhile promoters of Colour Roof, who had contested the CoC’s decision to reject their request for relaxation of eligibility criteria and exclude them from the final round of bidding.
Earlier, JSWSCPL emerged as the successful bidder from a pool of 24 eligible prospective resolution applicants (PRAs). Other PRAs included AM Mining India Private Limited, La Tim Metal & Industries Ltd, and consortiums such as Arcade Casters & Nand Kishore Agarwal, One City Infrastructure Pvt. Ltd & Aksum Trademart Pvt. Ltd, and Resurgent Property Ventures Private Limited & Sanjay Lodha.
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JSW Steel said the implementation of the approved plan will be subject to obtaining necessary approvals from the NCLT, Mumbai. The company had earlier disclosed the progress of the insolvency proceedings to stock exchanges under Regulation 30 of the listing regulations.
