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| Exchange Received Time 18/10/2017 16:57:30 Exchange Disseminated Time 18/10/2017 16:57:32 Time Taken 00:00:02 | We hereby inform you that in the matter of M/s. Jaycon Infrastructure Limited (JIL) vs M/s. Gayatri Projects Limited ('the Company) in respect of petition filed by JIL(operational creditor) in respect of an alleged default in payment of dues amounting to Rs.2.28 Crores, the National Company Law Tribunal, Hyderabad Bench (NCLT) at its hearing held on 10th October, 2017 has passed an order for admission of petition under the provisions of Insolvency and Bankruptcy Code, 2016 ('IBC'). The Honorable Tribunal has appointed IRP under Section 9 of the Insolvency and Bankruptcy Code 2016. The said order was received on 17th October, 2017 and the Company has filed an appeal on 18th October, with the National Company Law Appellate Tribunal ('NCLAT') to stay the appointment of IRP. Accordingly Company has got Stay order for appointment of IRP till 14th November, 2017 and the next hearing is posted on 15th November, 2017.
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