Jyoti Structures intimates of initiation of corporate insolvency resolution process

Board of Jyoti Structures suspended w.e.f. 12 July 2017

Jyoti Structures announced that the Company has been going through financial difficulty.

One of the Lenders i.e. State Bank of India had filed application for initiation of corporate insolvency resolution process (CIRP) of the Company as per the provisions of the Insolvency and Bankruptcy Code (IBC) before the Hon'ble National Company Law Tribunal, Mumbai bench (NCLT) which was admitted by the NCLT vide its order dated 04 July 017 (CIRP Order). Pursuant to the CIRP Order, the management of the affairs of the Company has been vested in Vandana Garg, the interim resolution professional of the Company (IRP) appointed by the NCLT with effect from 12 July 2017 (i.e. the date on which the NCLT Order was uploaded on NCLT website or the date of appointment of IRP).

 

Further, in terms of Section 17(1)(b) of the IBC, the Board of Directors of the Company have been suspended w.e.f. 12 July 2017 and functions of the Board of Directors is being exercised by the IRP as per the provisions of the IBC.

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