National Steel case: JM Financial ARC allowed to substitute BoI as petitioner

The National Company Law Tribunal (NCLT) has allowed JM Financial Asset Reconstruction Company (ARC) to substitute the original petitioner Bank of India in a plea seeking admission of National Steel & Agro Industries (NSAIL) under the Corporate Insolvency Resolution Process (CIRP). BSE-listed NSAIL owes about INR 1,600 crore to its lenders.