NCLAT asks ICICI to consider Jaiprakash Associates' settlement offer

13 Jun 2024 CW Team

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)

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