NCLAT asks ICICI to consider Jaiprakash Associates' settlement offer
Real Estate

NCLAT asks ICICI to consider Jaiprakash Associates' settlement offer

The National Company Law Appellate Tribunal (NCLAT) has directed ICICI Bank to evaluate a proposal from bankrupt Jaiprakash Associates Ltd (JAL) for a one-time settlement of its outstanding loans.

The NCLAT issued this directive while considering JAL's challenge against a recent National Company Law Tribunal (NCLT), Allahabad order initiating insolvency proceedings against the company.

In response to JAL's plea, NCLAT has summoned ICICI Bank to respond by June 24, the next hearing date, regarding the proposed one-time settlement (OTS). JAL's counsel informed the tribunal that the company intends to clear the entire debt within 18 weeks if the OTS proposal is accepted.

However, creditors, citing a total debt exceeding Rs 260 billion, opposed this plan. Earlier, JAL had submitted an OTS proposal to creditors, offering an initial payment of Rs 2 billion and committing to pay the remaining Rs 160 billion within 18 weeks post-acceptance, but the NCLT dismissed this and ordered the initiation of Corporate Insolvency Resolution Process (CIRP) against JAL. The NCLAT, in its recent order, also suggested that JAL consider making a significant deposit before the next hearing date. (Source: ET Infra)

The National Company Law Appellate Tribunal (NCLAT) has directed ICICI Bank to evaluate a proposal from bankrupt Jaiprakash Associates Ltd (JAL) for a one-time settlement of its outstanding loans. The NCLAT issued this directive while considering JAL's challenge against a recent National Company Law Tribunal (NCLT), Allahabad order initiating insolvency proceedings against the company. In response to JAL's plea, NCLAT has summoned ICICI Bank to respond by June 24, the next hearing date, regarding the proposed one-time settlement (OTS). JAL's counsel informed the tribunal that the company intends to clear the entire debt within 18 weeks if the OTS proposal is accepted. However, creditors, citing a total debt exceeding Rs 260 billion, opposed this plan. Earlier, JAL had submitted an OTS proposal to creditors, offering an initial payment of Rs 2 billion and committing to pay the remaining Rs 160 billion within 18 weeks post-acceptance, but the NCLT dismissed this and ordered the initiation of Corporate Insolvency Resolution Process (CIRP) against JAL. The NCLAT, in its recent order, also suggested that JAL consider making a significant deposit before the next hearing date. (Source: ET Infra)

Related Stories

Gold Stories

Next Story
Real Estate

L&T Wins Mega Order for India’s Largest NVIDIA B300 AI Factory

Larsen & Toubro (L&T), through Vyoma.AI’s AI infrastructure subsidiary LTN Compute, has secured a mega order to develop what the company describes as India’s largest single-cluster AI infrastructure facility. The NVIDIA B300 AI Factory will support US-based AI cloud company Together AI’s platform for large-scale inference, fine-tuning and training workloads.The integrated AI Factory will be hosted at Vyoma.AI’s Chennai data centre campus and will have a capacity of 10,000 NVIDIA B300 GPUs. The platform will combine hyperscale data centre infrastructure, accelerated computing, h..

Next Story
Infrastructure Urban

Autodesk Elevates Nikhil Bagalkotkar to Lead AEC in India, SAARC

Autodesk has elevated Nikhil Bagalkotkar as Head – Architecture, Engineering and Construction (AEC), India and SAARC, with immediate effect.In his new role, Bagalkotkar will lead Autodesk's AEC business strategy across the region and drive adoption of the company's Design and Make platform. He will also focus on promoting digital design and construction technologies to help customers accelerate innovation and deliver more sustainable and resilient infrastructure.Bagalkotkar will be responsible for expanding Autodesk's AEC business, strengthening customer and partner engagement, and accelerat..

Next Story
Real Estate

Listed Developers' Pre-Sales Seen Rising 22.3 Per Cent in FY27

India's leading listed residential developers are expected to sustain strong sales momentum in FY27, with combined pre-sales of 11 major players projected to rise 22.3 per cent year-on-year, according to an analysis by ANAROCK Research & Advisory.Combined pre-sales of the developers are estimated to increase from Rs 1.49 trillion in FY26 to Rs 1.82 lakh crore in FY27. ANAROCK attributed the growth to sustained end-user demand, new project launches and strong execution despite higher property prices, construction costs and global uncertainties.Dr Prashant Thakur, Executive Director and Head..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement