NCLT rejects JAL's claim of liquidity crunch

05 Jun 2024 CW Team

The National Company Law Tribunal (NCLT), which recently initiated insolvency proceedings against Jaiprakash Associates Ltd (JAL), dismissed the company's claim of facing a liquidity crisis and failing to repay debts primarily due to delays in government approvals and prolonged litigation regarding land acquisition for the Yamuna Expressway and changes in government policies. Despite JAL's assertion of being an 'asset-rich company', the NCLT rejected its arguments, emphasizing that debt repayment defaults trigger insolvency proceedings under Section 7 of the Insolvency & Bankruptcy Code, regardless of reasons such as liquidity challenges, litigation, or policy changes. The tribunal mentioned the importance of expeditiously resolving JAL's insolvency to safeguard its assets and enable debt repayment. Furthermore, the NCLT order highlighted ICICI Bank's concerns regarding JAL's debt restructuring, citing uncertainties regarding receivables from arbitration and the insufficiency of funds to settle outstanding debts. Following ICICI Bank's insolvency petition in September 2018, the NCLT appointed Bhuvan Madan as Interim Resolution Professional for JAL and rejected the company's merger with Jaypee Infrastructure Development Ltd. Despite JAL's disclosure of defaulting on repayments totalling Rs 46.16 billion as of April 30, 2024, the NCLT's decision underscores the imperative of addressing debt defaults promptly to facilitate the company's financial recovery. (Source: ET)

Technology

16 Mar 2026

CTS Roundtable Charts Tech-Led Roadmap for Construction

Ahead of the Construction Technology Show (Con Tech Show) 2026, industry leaders, technology innovators and academia came together in Mumbai to deliberate on how digitalisation, automation and industrialised construction can reshape the sector. The discussion made one thing clear: construction can no longer afford to treat technology as optional.Held on 12 March 2026 at Courtyard by Marriott, Mumbai, alongside the Infrastructure Today Airport Conclave, the CTS Roundtable served as a precursor to the Construction Technology Show 2026, scheduled for 19–20 August 2026 at NESCO, Mumbai.A platfor..

RAHSTA Roundtable Sets Agenda for Smarter, Safer Highways

Held on 12 March 2026 at Courtyard by Marriott, Mumbai, alongside the Infrastructure Today Airport Conclave, the RAHSTA Roundtable brought together stakeholders from across the highways and infrastructure ecosystem to shape the agenda for the 16th RAHSTA 2026, scheduled for 8–9 July 2026 at the Jio Convention Centre, Mumbai. The session focused on key industry themes including road construction, technology, safety and long-term sustainability.Opening the discussion, Pratap Padode, Founder, FIRST Construction Council, said the roundtable marked the beginning of a broader consultative process ..

Hindustan Zinc Launches All-Women Smelting Operations Team

Hindustan Zinc has launched ‘Tejaswini’, an all-women team to lead operations at the Leaching & Purification section of its Chanderiya Smelting Complex, one of the world’s largest and most advanced zinc smelting facilities. The move marks a major step in expanding women’s leadership in core operational roles within India’s metals and mining sector.A team of 30 women professionals will oversee process operations, maintenance and safety across Leaching & Purification–I, U-II and CLZS units, a critical part of the company’s hydrometallurgy operations that directly impacts zi..