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NCLT approved bankruptcy proceedings for Jyoti Structures

NCLT approved bankruptcy proceedings for Jyoti Structures

The National Company Law Tribunal (NCLT) will rule on the first of the 4 cases referred to it under the Insolvency and Bankruptcy Code (IBC). The tribunal reserved its order after it heard the insolvency application filed by SBI against power distribution company Jyoti Structures Ltd. On 13 June,the RBI directed banks to refer 12 troubled companies with a combined debt of close to Rs 2.5 trillion to the NCLT.

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