Jaiprakash Associates Board Challenges Insolvency at NCLAT
ECONOMY & POLICY

Jaiprakash Associates Board Challenges Insolvency at NCLAT

The suspended board of Jaiprakash Associates Ltd. (JAL) has approached the National Company Law Appellate Tribunal (NCLAT) to challenge an insolvency ruling. This move comes in response to the National Company Law Tribunal's (NCLT) recent decision to initiate insolvency proceedings against JAL, following petitions from creditors including ICICI Bank.

ICICI Bank had filed for insolvency proceedings against JAL due to the company's significant debts. Despite initial resistance from JAL, including an unsuccessful appeal to the Supreme Court, the NCLT's Allahabad bench ruled in favour of the creditors. JAL's board argues that the insolvency process is being manipulated by promoters and has sought NCLAT's intervention for a fairer hearing.

Additionally, JAL is also seeking approval from the Supreme Court for its resolution plan, which aims to revive the company and repay the creditors. This dual approach highlights the company's efforts to both contest the insolvency proceedings and propose a viable recovery plan.

The case remains a significant development in India's ongoing efforts to address corporate insolvencies and protect the interests of creditors and stakeholders.

The suspended board of Jaiprakash Associates Ltd. (JAL) has approached the National Company Law Appellate Tribunal (NCLAT) to challenge an insolvency ruling. This move comes in response to the National Company Law Tribunal's (NCLT) recent decision to initiate insolvency proceedings against JAL, following petitions from creditors including ICICI Bank. ICICI Bank had filed for insolvency proceedings against JAL due to the company's significant debts. Despite initial resistance from JAL, including an unsuccessful appeal to the Supreme Court, the NCLT's Allahabad bench ruled in favour of the creditors. JAL's board argues that the insolvency process is being manipulated by promoters and has sought NCLAT's intervention for a fairer hearing. Additionally, JAL is also seeking approval from the Supreme Court for its resolution plan, which aims to revive the company and repay the creditors. This dual approach highlights the company's efforts to both contest the insolvency proceedings and propose a viable recovery plan. The case remains a significant development in India's ongoing efforts to address corporate insolvencies and protect the interests of creditors and stakeholders.

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code