Mumbai: The Mumbai bench of the NCLT on Wednesday approved the amended resolution plan for Jyoti Structures by Sharad Sanghi of Netmagic that has proposed to pay Rs 3,965 crore in 12 years to the lenders and other creditors.
Last week, the NCLAT had set aside an earlier order of the Mumbai bench to liquidate Jyoti Structures and sent the matter back to the NCLT to reconsider the resolution plan submitted by Sanghi.
According to the Rs 3,965.06-crore resolution plan by Sanghi along with others, Rs 50 crore would be paid upfront, followed by Rs 75 crore over the next 12 months and the remaining in staggered payments over the next in 15 years.
