Bankruptcy tribunal initiates action against Jyoti Structures

Jyoti Structures failed to repay dues worth Rs 7,000 crore to Indian banks

The Mumbai bench of National Company Law Tribunal (NCLT) on Tuesday cleared bankruptcy proceedings against Jyoti Structures after the company failed to repay dues worth Rs 7,000 crore to Indian banks. The company was among the first batch of 12 companies identified by the Reserve Bank of India (RBI) for action under the Insolvency and Bankruptcy Code (IBC).

According to the NCLT order, the board of directors of the company will remain suspended and BDO Consulting would manage the company. BDO was appointed by the lenders led by the State Bank of India to manage the company till a new