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April 16, 2018 01:01 PM | Infrastructure

Supreme Court puts IBC proceedings against Jayaswal Neco on hold

The Supreme Court (SC) has stayed the referral of Jayaswal Neco Industries Ltd to the Insolvency and Bankruptcy Code (IBC) by the Reserve Bank of India (RBI).

This RBI had referred the company to the National Company Law Tribunal (NCLT) in December.

Jayaswal Neco had moved the Apex Court after they had suffered disappointment at the hands of the Bombay High Court, regarding the RBI's referral.

The RBI had referred a number of companies including, Jayaswal Neco, under the IBC to the NCLT, in December.

 
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