TNN
Mumbai: The clock has started ticking for Jyoti Structures (JSL), the first of the 12 large defaulters against which banks have proceeded under the Insolvency and Bankruptcy Code following directions from the RBI. The National Company Law Tribunal (NCLT) on Tuesday admitted bankruptcy proceedings against the Mumbai-based company, a move which could result in either new owners or liquidation.
JSL, a company originally promoted by V P Valecha of the Valecha Group and Bhopal-based Mirchandani Group, makes power transmission towers and other equipment that it sells to state-owned companies. JSL has defaulted to banks on loans worth Rs 7,000 crore. The bankruptcy law requires that if an acceptable resolution proposal is not id…
Read the full article at: http://timesofindia.indiatimes.com/business/india-business/jyoti-structures-first-co-to-face-bankruptcy-law/articleshow/59447896.cms
