Over 1,300 employees of Jyoti Structures, a Mumbai-based engineering and procurement (EPC) company, are heaving a sigh of relief as the National Company Law Appellate Tribunal (NCLAT) has granted a stay on the liquidation order passed against the insolvent firm.
Its employees are spread over two manufacturing units in Nashik and Raipur, and at various project sites.
The stay order comes after the company’s employees as well as a group of investors led by Netmagic’s Sharad Sanghi (the resolution applicant) appealed against a previous order by the National Company Law Tribunal (NCLT) at NCLAT.
The appellate tribunal will hear the case next on September 18.
In July, the Mumbai bench of NCLT had ordered liquidation of the debt…
Read the full article at: https://www.dnaindia.com/business/report-jyoti-structures-employees-relieved-as-liquidation-stayed-2653445