Jaiprakash Associates Board Challenges Insolvency at NCLAT

11 Jun 2024 CW Team

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.

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