India's Largest Steel Producer's Subsidiary Receives Committee of Creditors Approval For Colour Roof India Resolution Plan
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JSW Steel said its subsidiary JSW Steel Coated Products received creditor approval for its resolution plan for Colour Roof India, with implementation subject to clearance from the NCLT Mumbai.
✨ Key Takeaways
On Friday's trading session, Indian equity benchmarks traded lower, with the benchmark Nifty 50 index declining 1.50 per cent to 23,547.75. Metal stocks remained in focus amid corporate developments and capacity expansion initiatives. In this segment, JSW Steel announced that its wholly owned subsidiary, JSW Steel Coated Products Limited (JSWSCPL), has received approval from the Committee of Creditors (CoC) for its resolution plan for Colour Roof India Limited, which is currently undergoing corporate insolvency resolution proceedings.
Committee of Creditors Approves Resolution Plan
JSW Steel informed stock exchanges that JSW Steel Coated Products Limited received a Letter of Intent on May 28, 2026, from the Resolution Professional of Colour Roof India Limited. The communication confirmed that the Committee of Creditors had approved the resolution plan submitted by JSWSCPL along with an addendum filed during the insolvency process.
Following the approval, JSWSCPL continues to remain the successful resolution applicant for Colour Roof India Limited.
Background Of The Insolvency Process
The development follows an order passed by the National Company Law Tribunal (NCLT), Mumbai Bench, on April 13, 2026. Through the order, the tribunal partially allowed certain interlocutory applications filed by the erstwhile promoter of Colour Roof India Limited.
The NCLT permitted the promoter to submit a resolution plan and also allowed other resolution applicants to revise their financial proposals. Pursuant to the tribunal's directions, JSWSCPL submitted a revised financial plan on May 13, 2026, through an addendum to its original resolution plan dated July 1, 2024, which had subsequently been amended and restated on April 18, 2025.
Awaiting NCLT Approval
The company clarified that implementation of the approved resolution plan remains subject to final approval from the National Company Law Tribunal, Mumbai Bench.
Once approved by the NCLT, the resolution plan will pave the way for the completion of the insolvency resolution process of Colour Roof India Limited in accordance with the Insolvency and Bankruptcy Code.
About JSW Steel
JSW Steel Ltd is the flagship steel company of the JSW Group and one of India's largest integrated steel producers. The company operates a fully integrated steel manufacturing business spanning mining, steel production and downstream value-added products.
As of March 31, 2025, JSW Steel had a total installed steelmaking capacity of 35.7 million tonnes per annum (MTPA), including 34.2 MTPA in India. The company also has manufacturing operations in the United States and Italy and operated 47 subsidiaries as of FY25.
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