Jyoti Structures Limited filed an application seeking exclusion of time from the timelines prescribed under its resolution plan due to delays in the execution of a tripartite agreement by Maharashtra Industrial Development Corporation (MIDC) and subsequent delays in the disbursement of non-fund based limits. The applicant sought exclusion of time period commencing from the repayment timelines stipulated under the Approved Resolution Plan up to the date of release of NFB Limits on account of delay by MIDC in the execution of the New Tripartite Agreement, and the consequent delay in the release of NFB Limits.
Jyoti Structures Limited filed an application seeking exclusion of time from the timelines prescribed under its resolution plan, citing delays in the execution of a tripartite agreement by Maharashtra Industrial Development Corporation (MIDC) and subsequent delays in the disbursement of non-fund based limits (NFB Facilities). The company, engaged in the engineering, procurement, and construction (EPC) sector, relies on bank guarantees/letter of credit limits (NFB Facilities) from its lender. The company had availed NFB Facilities in 2015 and executed a tripartite agreement to secure these facilities by creating a mortgage over leasehold rights in MIDC Plots. Subsequently, the company underwent CIRP, and a resolution plan was approved. The approved resolution plan
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Jyoti Structures Limited availed the NFB…
The Resolution…
Jyoti Structures Limited filed an application seeking exclusion of time from the timelines prescribed under its resolution plan due to delays in the execution of a tripartite agreement by Maharashtra Industrial Development Corporation (MIDC) and subsequent delays in the disbursement of non-fund based limits. The applicant sought exclusion of time period commencing from the repayment timelines stipulated under the Approved Resolution Plan up to the date of release of NFB Limits on account of delay by MIDC in the execution of the New Tripartite Agreement, and the consequent delay in the release of NFB Limits.
Jyoti Structures Limited filed an application seeking exclusion of time from the timelines prescribed under its resolution plan, citing delays in the execution of a tripartite agreement by Maharashtra Industrial Development Corporation (MIDC) and subsequent delays in the disbursement of non-fund based limits (NFB Facilities). The company, engaged in the engineering, procurement, and construction (EPC) sector, relies on bank guarantees/letter of credit limits (NFB Facilities) from its lender. The company had availed NFB Facilities in 2015 and executed a tripartite agreement to secure these facilities by creating a mortgage over leasehold rights in MIDC Plots. Subsequently, the company underwent CIRP, and a resolution plan was approved. The approved resolution plan
…Jyoti Structures Limited availed the NFB…
The Resolution…