NCLAT sets aside NCLT's liquidation order of Jyoti Structures

Plan submitted by Netmagic's Sanghi, others should be considered afresh by NCLT Mumbai, says NCLAT

The National Company Law Appellate Tribunal (NCLAT) has set aside the liquidation order of Jyoti Structures Limited and said that the Mumbai bench of National Company Law Tribunal (NCLT) should consider afresh the Rs 4,000 crore resolution plan submitted by Sharad Sanghi and others. The appropriate order on the resolution plan submitted by Sanghi and others should ideally be passed by the NCLT Mumbai “preferably within two weeks”, a two-member Bench led by Chairperson Justice S J Mukhopadhaya said.

Sanghi, the Managing Director and Chief Executive Officer of information technology solutions provider Netmagic, along with other high-net worth individuals had