Jyoti Structures Is The First To Face Bankruptcy Proceeding

Under the new bankruptcy law Jyoti Structure will face first bankruptcy, the NCLT (National Company Law Tribunal) has allowed the consortium of banks led by the SBI to initiate bankruptcy proceedings against the company.

A dozen large stressed accounts for immediate resolutions are identified by RBI, these accounts includes Monnet Ispat, Essar Steel, Bhushan Steel, ABG Shipyard, Alok Industries and Lanco Infratech against which banks will move under the new Insolvency and Bankruptcy Code (IBC) in a bid to recover dues amounting to around Rs 7,000 Cr.

After these large accounts referred to the NCLT and RBI’s internal advisory committee now want banks to focus on the other large stressed accounts.

The 1155886share of NSE+BSE were traded on the counter with Rs 116.76 Cr of market cap.

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About Suhani Varma

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