Jyoti Structures Limited has informed the Exchange about Intimation Regarding Application filed Before the Hon ble National Company Law Tribunal (NCLT), Mumbai Bench.
JYOTISTRUC · price
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Jyoti Structures Limited has filed an application before the NCLT Mumbai Bench against West Bengal State Electricity Distribution Company Limited (WBSEDCL). The company is seeking directions to restrain WBSEDCL from recovering any pre-Corporate Insolvency Resolution Process (CIRP) dues, including recovery through bank guarantees. The company argues that these dues were already settled and extinguished under the Insolvency and Bankruptcy Code, 2016, following the approval of its resolution plan. The company had earlier undergone the insolvency resolution process and emerged with an approved resolution plan. This new application is essentially a defensive legal action to protect the benefits of that approved resolution plan.
This is a protective legal step for shareholders — if WBSEDCL is allowed to recover pre-CIRP dues, it would undermine the IBC resolution framework and could materially affect the company's post-resolution financial position. A favourable NCLT ruling would reinforce the sanctity of the approved resolution plan and shield the company from additional liabilities.