NCLT notice to Jaiprakash Associates over ICICI Bank claim of Rs 12 bn dues

ICICI Bank filed case after Supreme Court allowed insolvency proceedings against Jaiprakash; apex court had also directed transfer of Rs 7.5 bn deposited by the company to NCLT

The 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 petition 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 biilion 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 Supreme Court had also sent back a case involving JAL's real estate arm, Jaypee Infratech, to the