The Mumbai bench of the National Company Law Tribunal has approved the Aion-JSW Steel resolution plan for Monnet Ispat and Energy “with modifications” a year after it was admitted to the bankruptcy court for defaulting on debt of Rs.10,000 cr. The private equity fund-steel major consortium will hold 75% of the equity in the company out of which Aion Capital will have a 70% share with JSW Steel controlling 30%. The lenders stake will be 18%. The consortium was the sole bidder for Monnet which will see lenders losing 75% of the total loans given out of which the State Bank of India had the maximum exposure.