Written by ENS Economic Bureau | Mumbai |
Published:July 5, 2017 3:12 am
According to the NCLT order on Tuesday, the board of directors of Jyoti will be suspended and consultancy firm BDO would manage the company.
The National Company Law Tribunal (NCLT) has decided to initiate bankruptcy proceedings against debt-laden Jyoti Structures under the Insolvency and Bankruptcy Code after the company failed to repay its Rs 7,000 crore worth of loans to lenders led by State Bank of India (SBI).
Jyoti Structures has become the first large stressed company from the 12 firms identified by the Reserve Bank of India to go for resolution under the insolven…
Read the full article at: http://indianexpress.com/article/business/business-others/insolvency-proceedings-nclt-decides-to-initiate-action-against-jyoti-structures-4735916/