NCLT rejects Jyoti Structures' resolution plan, orders liquidation

This is the first case out of the Reserve Bank of India's first list of 12 large stressed corporates referred to the bankruptcy court, that has been directed to go for liquidation

The National Company Law Tribunal (NCLT) bench here has rejected the resolution plan offered for Jyoti Structures. It has directed the Resolution Professional (RP) appointed for the insolvent engineering, procurement and construction (EPC) entity to file applications for its liquidation. 

This is the first case from the Reserve Bank of India’s first list of 12 large and defaulting corporates referred to the bankruptcy court that has been directed to go for liquidation. 

In another case, the Chandigarh bench of the NCLT approved UK-based Liberty House’s resolution plan to acquire Amtek Auto. With this, British billionaire Sanjeev Gupta has bagged a second asset