SW Steel Coated Products Limited (JSWSCPL), a subsidiary of JSW Steel, has successfully emerged as the successful bidder for Colour Roof (India) Limited during the corporate insolvency resolution process (CIRP). The resolution professional representing Colour Roof sent a letter of intent confirming JSWSCPL’s bid after it received necessary backing from the committee of creditors.

Next Steps in the Resolution Process

The finalization of this transaction is dependent on approval from the National Company Law Tribunal (NCLT) located in Mumbai. This approval is critical for the completion of the acquisition.

About the Resolution Plan

JSWSCPL submitted its initial resolution plan for Colour Roof India on July 1, 2024, which was later amended on April 18, 2025. This marks a significant step in reviving the operations of Colour Roof (India) Limited, which had entered CIRP under Section 7 of the Insolvency and Bankruptcy Code, 2016.

Background and Context

Colour Roof India was propelled into CIRP following a petition initiated by Phoenix Arc Private Limited due to an outstanding debt amounting to ₹23.41 crore, linked to an inland bill purchase account facility.

Competitive Bidding Landscape

JSWSCPL distinguished itself from a pool of 24 eligible prospective resolution applicants (PRAs). Other notable participants in the bidding process included:

• AM Mining India Private Limited
• La Tim Metal & Industries Ltd
• Consortiums comprising:
• Arcade Casters & Nand Kishore Agarwal
• One City Infrastructure Pvt. Ltd & Aksum Trademart Pvt. Ltd
• Resurgent Property Ventures Private Limited & Sanjay Lodha