Jyoti Structures To Be The First To Face Bankruptcy Proceedings

Jyoti Structures is the first company to face bankruptcy procedure under the new bankruptcy law. The National Company Law Tribunal (NCLT) has allowed the consortium of banks led by the State Bank of India (SBI) to initiate bankruptcy proceedings against the company.

The Reserve Bank of India (RBI) had identified a dozen large stressed accounts for immediate resolution. These 12 accounts included Essar Steel, Bhushan Steel, Monnet Ispat, Alok Industries, Lanco Infratech, and ABG Shipyard, 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 crore.

With these large accounts getting referred to the NCLT, the RBI’s internal advisory committee now wants banks to focus on other large stressed accounts.

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About Suhani Varma

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