Key Highlights:
- Jyoti Structures owes over Rs 7,000 crore to bankers
- Jyoti Structures defaulted over Rs 1,200 crore to SBI
- Jyoti Structures first company to go for bankruptcy process
Jyoti Structures on Monday said that the NCLT has admitted a corporate insolvency resolution process (CIRP) filed by its lead lender State Bank of India (SBI).
In a statement, Jyoti Structures said, The application for initiation of corporate insolvency resolution process (CIRP) u/s 7 of the Insolvency & Bankruptcy code, 2016 (IBC) filed by the financial creditor, State Bank of India (SBI) in the matter of Jyoti Structures has been admitted by the Hon’ble National Company Law Tribunal, Mumbai (NCLT) ordering commencement of CIRP.
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