The National Company Law Tribunal (NCLT) in Mumbai dismissed a petition filed by F J Elsner Trading GMBII against Jyoti Structures Ltd, providers of turnkey solutions in the field of power transmission, who were the first referred to the NCLT by State Bank of India (SBI) back in August 2017.
F J Elsner had initially filed its claim in the Bombay High Court, after which the Reserve Bank of India had sent instructions to banks to refer twelve of the biggest stressed asset accounts for insolvency and bankruptcy proceedings at the NCLT(s).
Under the corporation insolvency resolution process (CIRP), an appointed insolvency resolution professional (IRP) has to determine the …
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