Mumbai: 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.
More From Livemint »
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 …
Read the full article at: http://www.livemint.com/Industry/DUzXDbS2GwrcHyYFGf3yhO/Jyoti-Structures-becomes-first-case-to-be-admitted-for-bankr.html
