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| Exchange Disseminated Time | JCT Ltd has informed BSE that the winding up petition filed by The Bank of New York Mellon, Trustee of Foreign Currency Convertible Bonds (FCCBs) instructed by a faction of the FCCB holders in the year 2012, has been disposed of by the Hon'ble Punjab & Haryana High Courts at Chandigarh on January 27, 2015.
While disposing of the petition, the Honourable High Court observed that it would not be in the fitness of things to admit the petition for winding up against JCT Limited and expected that JCT will make all out efforts to generate funds either out of cash profits or by sale of its non-core assets to pay the outstanding FCCB bondholders or get the same restructured to maintain its creditworthiness. The Honourable High Court has further ordered JCT to pay 25% of the amount payable to the bond-holders to be arranged by sale of its non-core assets and paid within in period of six months and balance thereafter, unless re-scheduled. |
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