NCLAT directs NCLT to decide IBC plea against JP Associates in 6 weeks

JAL's subsidiary Jaypee Infratech is already going through corporate insolvency resolution process

The NCLAT Monday directed the National Company Law Tribunal to decide the insolvency plea filed by ICICI Bank against Jaiprakash Associates in six weeks.

The private sector lender had approached the National Company Law Appellate Tribunal (NCLAT), seeking a direction to NCLT Allahabad-bench to expedite the hearing on its insolvency petition against Jaypee Group firm Jaiprakash Associates Ltd (JAL).

Hearing the matter, a three-judge bench of the NCLAT headed by Chairman Justice S J Mukhopadhyaya directed the NCLT Allahabad to decide on admitting the plea preferably in six weeks.

In September 2018, ICICI Bank had filed a petition before the NCLT Allahabad bench