MUMBAI: Mumbai-based power transmission and distribution company Jyoti Structures has been ordered to be liquidated by the National Company Law Tribunal (NCLT) after lenders could not agree with a resolution plan within the stipulated deadline.
The company owed lenders a total of Rs 8,000 crore and was among the 12 companies which the Reserve Bank of India (RBI) had directed to the bankruptcy courts in June 2017. It was admitted to the NCLT under the Insolvency and Bankruptcy Code (IBC) in July 2017.
In an oral order delivered on Wednesday, NCLT judges BSV Prakash Kumar and Duraiswamy ordered liquidation of the company since a resolution could not be agreed upon way beyond the 270-day deadline as prescribed by the NCLT.
The resolution…
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