Gayatri Projects has secured the stay of insolvency proceedings order initiated by NCLT with regard to a petition filed by Jaycon Infrastructure claiming default of dues worth Rs 2.28 crore.

The Hyderabad-based construction and infrastructure company has secured a stay order for the appointment of Interim Resolution Professional (IRP) till November 14, 2017 and the next hearing is posted on November 15 at the National Company Law Appellate Tribunal (NCLAT).

Gayatri Projects had filed an appeal on October 18, with the National Company Law Appellate Tribunal, and secured a stay on the appointment of Insolvency Resolution professional till November 14.

The matter relates to Jaycon Infrastructure, a sub-contractor of the company, against Gayatri Projects for alleged default of payment worth Rs 2.28 crore.

The National Company Law Tribunal, Hyderabad Bench had passed an order for admission of insolvency proceedings on October 10 under the provisions of Insolvency and Bankruptcy Code, 2016 (IBC). The Tribunal appointed IRP under Section 9 of the Insolvency and Bankruptcy Code 2016.

According to a BSE filing, JLL worked as one of the sub-contractors for a road project and initiated proceedings with NCLT on account of a contractual dispute of Rs 2.28 crore, inclusive of interest.

Gayatri Projects maintained that JIL had not fully performed its scope of work as per the contract and there was no dispute between the company and JIL. It claimed that it was completely solvent and believes its appeal with NCLAT will be heard favourably.

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