NCLT approves revised resolution plan for Jyoti Structures

The total debt of Jyoti Structures involved in engineering, procurement and construction is to the tune of Rs 7010.55 crore

The Mumbai bench of National Company Law Tribunal (NCLT) on Wednesday approved the resolution plan for Jyoti Structures presented by the Resolution Professional on behalf of a group of investors led by Sharad Sanghi and others.

In the last hearing, the tribunal had asked the RP to submit the revised plan wherein Sharad Sanghi led group of investors will pay Rs 3965 crore in 12 years as against the 15 year period sought by him in his previous bid.

According to the resolution plan approved today, Rs 3,692 crore will go to the banks over the span of 12 years.