Once a storied full-service carrier, Jet Airways stopped flying in April after it ran out of money for daily operations.
Originally, the corporate insolvency and resolution (CIR) process was initiated against Dugar Housing, the corporate debtor, at the instance of Prism Johnson, operational creditor.
Lingamaneni Ramesh was recently in the news after he received notices for the demolition of the alleged illegal structures built by him in the 'karakatta' of river Krishna.
'SBI is hereby prohibited to go ahead with the advertisement and is directed to maintain the status quo till the decision is pronounced on merits,' the NCLT said.
However, HDIL intends to appeal the NCLT’s order kickstarting the resolution process under the Insolvency and Bankruptcy Code.
Deloitte Haskins & Sells and BSR Associates, which is an affiliate of KPMG, are no longer the auditors of the crippled IL&FS group, with the former resigning in FY18.
The NCLT has recently invoked the provisions of the Companies Act and allowed the central government to take over the Unitech Limited and appoint its nominee directors in the Board of the firm.