NCLAT Reserves Order in Jaiprakash Associates Insolvency Appeal

07 Nov 2024 CW Team

The National Company Law Appellate Tribunal (NCLAT) has reserved its order in the insolvency appeal case of Jaiprakash Associates. The appeal was filed against the National Company Law Tribunal (NCLT) ruling, which had initiated insolvency proceedings for the company due to its mounting debt.

Jaiprakash Associates, a major player in India’s infrastructure sector, is facing insolvency proceedings initiated under the Insolvency and Bankruptcy Code (IBC) after defaulting on payments to creditors. The company, which has significant interests in construction, real estate, and cement, is struggling with a high debt load and has been seeking resolution through various legal avenues.

The NCLAT’s decision to reserve its order follows a detailed hearing, with both parties presenting their arguments. Jaiprakash Associates has argued for a reconsideration of the insolvency decision, stating that it is in the process of resolving its financial issues and is working towards a settlement with creditors. On the other hand, the creditors have pushed for the continuation of insolvency proceedings to recover outstanding dues.

The outcome of this case could have significant implications for the construction and real estate sectors, where financial distress and debt resolutions are a common challenge. The NCLAT’s decision will be closely watched by industry stakeholders and legal experts as it may set a precedent for similar insolvency cases in the future.

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..