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Jyoti Structures says tribunal OKs insolvency proceedings
July 5, 2017 / 9:50 AM / 5 months ago

Jyoti Structures says tribunal OKs insolvency proceedings

(Reuters) - Indian power infrastructure company Jyoti Structures Ltd said on Wednesday the National Company Law Tribunal (NCLT) admitted its application for bankruptcy proceedings.

The NCLT had appointed BDO India on Tuesday to manage the company in the interim, Jyoti Structures said.

Lead banker State Bank of India had filed the resolution application before NCLT, the company said.

In a bid to resolve the country’s $150 billion stressed loan problem, the Reserve Bank of India last month urged lenders to start bankruptcy proceedings against 12 large loan defaulters, including Jyoti Structures, sources had told Reuters.

Reporting by Tanvi Mehta in Bengaluru; Editing by Gopakumar Warrier

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