NCLAT stays Jyoti Structures liquidation

The National Company Law Appellate Tribunal (NCLAT) has stayed the liquidation of debt-ridden real estate firm Jyoti Structures and barred any sale of its assets till further orders. The appellate tribunal has directed the Mumbai bench of the National Company Law Tribunal (NCLT) and the resolution professional of the company not to take any steps in this regard.

"Until further order, the Adjudicating Authority (NCLT) will not pass any order under Section 33, neither the Resolution Professional or the Adjudicating Authority will take steps to sell any movable or immovable assets of the Corporate Debtor.

"Resolution Professional will also ensure that the company remains ongoing concern," said a NCLAT bench.

A two member bench headed by Chairman Justice S J Mukhopadhaya has directed to list the matter on September 18 for next hearing.