The present appeal was filed by several lender banks (Appellants) against an order dated 16.02.2026 passed by the National Company Law Tribunal (NCLT), Mumbai Bench-I. The NCLT order arose from contempt applications filed by Jyoti Structures Ltd. (Corporate Debtor) and its shareholders (Respondents). The NCLT had directed the Appellant banks to release rolled-over Bank Guarantee (BG) limits as per an approved resolution plan and Non-Fund Based Facility (NFB) Agreement, failing which they would face one day simple imprisonment. The Corporate Debtor was admitted into CIRP on 04.07.2017, and its resolution plan, which included the roll-over of BGs/LCs by the Appellant banks, was approved on 27.03.2019. The 'Closing Date' for the NFB Agreement was 09.11.2021, by which
…The Corporate Debtor, Jyoti Structures Ltd. (JSL), was admitted into Corporate Insolvency Resolution Process (CIRP) on 04.07.2017.
A resolution plan submitted by Sharad Sanghi (Respondent No. 3) was approved by the Adjudicating Authority on 27.03.2019.
The approved resolution plan included provisions for roll-over/issuance of Bank Guarantees (BGs) and Letter of Credits (LCs) by the Appellant Banks, who were assenting Financial Creditors.
A Non-Fund Based Facility Agreement (NFB Agreement) was entered into between the Appellants (Non-Fund Based Lenders) and the Corporate Debtor, outlining terms for NFB limits.
The 'Closing Date' was achieved on 09.11.2021, by which proposed shareholders/investors infused Rs. 170 Cr. into the Corporate Debtor.
…Sign in to view the parties.
Corporate Debtor (Jyoti Structures Ltd.)…
Resolution plan submitted by Sharad…
The present appeal was filed by several lender banks (Appellants) against an order dated 16.02.2026 passed by the National Company Law Tribunal (NCLT), Mumbai Bench-I. The NCLT order arose from contempt applications filed by Jyoti Structures Ltd. (Corporate Debtor) and its shareholders (Respondents). The NCLT had directed the Appellant banks to release rolled-over Bank Guarantee (BG) limits as per an approved resolution plan and Non-Fund Based Facility (NFB) Agreement, failing which they would face one day simple imprisonment. The Corporate Debtor was admitted into CIRP on 04.07.2017, and its resolution plan, which included the roll-over of BGs/LCs by the Appellant banks, was approved on 27.03.2019. The 'Closing Date' for the NFB Agreement was 09.11.2021, by which
…The Corporate Debtor, Jyoti Structures Ltd. (JSL), was admitted into Corporate Insolvency Resolution Process (CIRP) on 04.07.2017.
A resolution plan submitted by Sharad Sanghi (Respondent No. 3) was approved by the Adjudicating Authority on 27.03.2019.
The approved resolution plan included provisions for roll-over/issuance of Bank Guarantees (BGs) and Letter of Credits (LCs) by the Appellant Banks, who were assenting Financial Creditors.
A Non-Fund Based Facility Agreement (NFB Agreement) was entered into between the Appellants (Non-Fund Based Lenders) and the Corporate Debtor, outlining terms for NFB limits.
The 'Closing Date' was achieved on 09.11.2021, by which proposed shareholders/investors infused Rs. 170 Cr. into the Corporate Debtor.
…Corporate Debtor (Jyoti Structures Ltd.)…
Resolution plan submitted by Sharad…