Highlights
- Jaiprakash Associate Limited’s Committee of Creditors approved a 90-day extension of the Corporate Insolvency Resolution Process, after receiving 92.69% of e-votes in favor.
- The National Company Law Appellate Tribunal upheld the National Company Law Tribunal’s decision to admit Jaiprakash Associate Limited to Corporate Insolvency Resolution Process in June 2023.
Jaiprakash Associate Limited‘s Committee of Creditors (CoC) approved the extension of the period of the Corporate Insolvency Resolution Process (CIRP) of JAL by 90 days (beyond 180 days) in terms of Section 12(2) of the Insolvency and Bankruptcy Code read with Regulation 40 of the CIRP Regulations in the sixth meeting of CoC.
The meeting convened on November 22, 2024. The e-voting commenced at Noon on November 27, 2024, and ended at 9:00 P.M. on January 6, 2025, during which the resolutions were put to e-voting before the CoC.
The resolution was accepted, after receiving 92.69% of e-votes. The resolution required 66.00% to be passed before the committee.
The JAL is undergoing corporate insolvency proceedings after the National Company Law Tribunal (NCLT) admitted the company in June 2023.
Last month, the National Company Law Appellate Tribunal (NCLAT), New Delhi Bench upheld the order of NCLT admitting JAL to CIRP.
