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Jyoti Structures first to face bankruptcy proceedings under IBC

This article was posted on Jul 8, 2017 and is filed under Market News

NCLT approves consultancy BDO India to manage Jyoti Structures until proceedings under the Insolvency and Bankruptcy Code (IBC) aren’t completed

The National Company Law Tribunal (NCLT) on Tuesday approved bankruptcy proceedings for power infrastructure company Jyoti Structures Ltd, making it the first among the 12 cases referred by the central bank under India’s new Insolvency and Bankruptcy Code (IBC).

The tribunal’s order came on an insolvency application filed last week by the company’s lead lender State Bank of India (SBI). According to NCLT filings, the company has total debt of Rs7,000 crore.

“As the company is not opposing, the application is approved,” said B.S.V. Prakash Kumar, presiding member, NCLT.

On Tuesday, the tribunal also approved consulting firm BDO India to manage Jyoti Structures in the interim, as suggested by SBI when the case was last heard on Thursday.

On 13 June, the Reserve Bank of India (RBI) directed banks to refer 12 troubled companies with a combined debt of close to Rs2.5 trillion to the NCLT. Of them, creditors have moved the tribunal against Jyoti Structures, Monnet Ispat Ltd, Electrosteel Steels Ltd, Essar Steel Ltd and Amtek Auto Ltd.

When the tribunal heard the matter on Thursday, counsel for Jyoti Structures did not raise any objections on the proceedings, but had mentioned an offer from a prospective buyer.

For more visit: Livemint

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