The National Company Law Appellate Tribunal (NCLAT) on Monday granted an interim stay on the liquidation of Jyoti Structures Ltd.
The National Company Law Tribunal (NCLT) had earlier approved bankruptcy proceedings against the company, in response to a plea by lenders, led by State Bank of India. However, after several attempts to find a buyer through the insolvency proceedings failed, the NCLT agreed to put the company up for liquidation.
NCLATs decision came after a group of investors, led by Sharad Sanghi and 800 employees of the corporate debtor, appealed against the liquidation. Sanghi, who sold his company Netmagic to Japanese telecom major NTT Communication five years ago, had bid for Jyoti Structures along with a clutch of other…
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