NCLT Notice To Jaiprakash Associates

Delay of over 5 years in debt resolution via IBC prompts the move

New Delhi, 10 SeptemberThe Allahabad bench of the National Company Law Tribunal (NCLT) has issued a notice to Jaiprakash Associates (JAL) in an insolvency case initiated by ICICI Bank. The bank's ptition says it is owed Rs 12 billion. The case was filed after the Supreme Court (SC) allowed insolvency proceedings against JAL. The apex court had also directed the transfer of Rs 7.5 bn that was deposited by JAL to the NCLT.ICICI has recommended Price Waterhouse's Raj Ralhan as the interim Resolution Professional for the case. The SC had also sent back a case involving JAL's real estate arm, Jaypee Infratech, to the NCLT for resolution. Anuj Jain is the insolvency professional for this case, where the company got a lifeline after completion of its moratorium period of 270 days. ICICI's case was argued by Cyril Amarchand Mangaldas' Biswajit Dubey.JAL, flagship company of the crisis-hit Jaypee group, is into construction, cement, real estate, hospitality and power businesses. It is in ...