NCLT asks RP of Jyoti Structures to submit revised resolution plan

The Mumbai bench of National Company Law Tribunal (NCLT) on Tuesday asked the Resolution Professional (RP) of Jyoti Structures to file the amended resolution plan for the debt ridden company for the tribunal’s approval.

Jyoti Structures is one of the first twelve companies that faced the insolvency proceedings after the law was enacted.

The group of investors, led by Sharad Sanghi, has revised their bid for the debt ridden company engaged in engineering, procurement and construction. According to the revised bid, Sharad Sanghi will pay Rs 3965 crore in 12 years as against the 15 year period sought by him