Highlights
- The National Company Law Appellate Tribunal upheld the order of the National Company Law Tribunal admitting Jaiprakash Associates Limited to the Corporate Insolvency Resolution Process.
- The National Company Law Appellate Tribunal found that Jaiprakash Associates Limited had made a One Time Settlement offer and paid ₹ 200 Crores as an upfront amount.
- The appeals filed by a Suspended Director of Jaiprakash Associates Limited challenging the Corporate Insolvency Resolution Process were rejected by the National Company Law Appellate Tribunal.
The National Company Law Appellate Tribunal (NCLAT) on Friday upheld the order of National Company Law Tribunal (NCLT) admitting Jaiprakash Associates Limited (JAL) to Corporate Insolvency Resolution Process (CIRP).
The appellate tribunal found that JAL had made an OTS offer after the NCLT reserved its judgment in May 2024, and also paid ₹ 200 Crores as upfront. “The OTS having been submitted by the Corporate Debtor (JAL) offering upfront amount and the total amount, it does not lie in the mouth of the Corporate Debtor (JAL) to contend that no default has been committed by the Corporate Debtor (JAL),” NCLAT said in the ruling upholding the NCLAT judgment.
The NCLAT found no ground in the the Appeal to interfere with the NCLT order.
The Appeals were filed by a Suspended Director of the Jaiprakash Associates Limited, challenging the Adjudicating Authority Order admitting Section 7 Application filed by the ICICI Bank Limited by commencing Corporate Insolvency Resolution Process (CIRP) against the JAL.
Abhishek Manu Singhvi & Abhijeet Sinha represented the Appellant, Krishnendu Dutta represented ICICI Bank, Gopal Jain represented for the SBI, and Sunil Fernandes represented the Resolution Professional.
The matter was heard before the bench of Justice Ashok Bhushan (Chairperson); Barun Mitra and Arun Baroka (Technical Members).
