DBS Bank opposes Jyoti Structures resolution plan

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New Delhi | Published: May 8, 2018 3:01:51 AM

One of Jyoti Structures’ lenders, DBS Bank, on Monday opposed the company’s resolution plan submitted to the Mumbai bench of the National Company Law Tribunal.

dbs bank banking sectorDBS Bank has alleged that the voting process adopted by the committee of creditors (CoC) to approve the resolution plan was not fair.

One of Jyoti Structures’ lenders, DBS Bank, on Monday opposed the company’s resolution plan submitted to the Mumbai bench of the National Company Law Tribunal (NCLT). According to a source, DBS Bank has alleged that the voting process adopted by the committee of creditors (CoC) to approve the resolution plan was not fair. “DBS, which has a 0.84% share in Jyoti Structures’ outstanding loans, has served a notice regarding its opposition last Friday,” the source said.

Jyoti Structures had received just one resolution plan from a consortium led by Sharad Sanghi, MD & CEO of Netmagic Solutions and comprising Madhusudan Kela, formerly with Reliance Capital and Manish Kejriwal, managing partner of Kedaara Capital, in his individual capacity.

FE had reported that there was a glitch in the e-voting mechanism on March 26 and 27, when the voting was scheduled. Moreover, one bank needed to get a final approval from its top management. Eventually, the plan was approved by 81% of the lenders in a CoC meeting last month.

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