Highlights
- The Committee of Creditors rejected the e-voting for the appointment and fees of PVRN & Co. and Nangia & Co. LLP for conducting the Corporate Insolvency Resolution Process Cost Audit of Jaiprakash Associates Limited, with votes receiving 49.07% and 46.63% respectively.
- The National Company Law Appellate Tribunal upheld the National Company Law Tribunal’s decision to admit Jaiprakash Associates Limited to the Corporate Insolvency Resolution Process under Section 7 of the Insolvency and Bankruptcy Code, 2016, following a petition from ICICI Bank Limited.
The e-voting for the approval of the appointment of and fees payable to PVRN & Co., and Nangia & Co. LLP for conducting CIRP Cost Audit of Jaiprakash Associates Limited were rejected by the Committee of Creditors.
The resolution related to PVRN & Co. received 49.07%, and Nangia & Co. LLP received 46.63% which was done through e-voting.
The aforesaid items were put to vote in the meeting commenced on November 12, 2024 and ended on December 6, 2024.
The meeting was in the accordance with Regulation 26 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
The fifth meeting of Committee of Creditors of Jaiprakash Associates Limited was convened on October 25, 2024.
The National Company Law Appellate Tribunal (NCLAT) upheld the National Company Law Tribunal (NCLT) admitting the Jaiprakash Associates Ltd. to Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016 pursuant to the petition of ICICI Bank Limited, and upheld the NCLT order not approving the Scheme of Arrangement between Jaiprakash Associates Limited, Jaypee Infrastructure Development Limited and Lenders.
