• Deccan Chronicle
  • Andhra Bhoomi
  • Asian Age
  • ePaper
  •  Auto Refresh
Home

ePaper
Last Updated:01:26 PM IST | Saturday, Jan 28, 2023
  • Home
  • Politics, Plan And Policy
  • Markets
  • Companies
  • Economy
  • In Other News
  • Autos
  • Just In
Menu
  • Home
  • Politics, Plan And Policy
  • Markets
  • Companies
  • Economy
  • In Other News
  • Autos
  • Just In
Home > Companies > Direct NCLT Allahabad for early hearing on insolvency plea against JAL: ICICI Bank
Companies
Direct NCLT Allahabad for early hearing on insolvency plea against JAL: ICICI Bank
By  
PTI   , Published : Jun 17, 2019, 1:45 pm IST | Updated : Jun 17, 2019, 1:45 pm IST

A single member NCLT bench of Justice Bansi Lal Bhat directed to list ICICI Bank's plea on July 1 for hearing.

The counsel further alleged that JAL is creating legal hurdles in the IBC proceedings.
The counsel further alleged that JAL is creating legal hurdles in the IBC proceedings.

New Delhi: Private sector lender ICICI Bank on Monday approached the National Company Law Appellate Tribunal (NCLAT), seeking a direction to NCLT, Allahabad to expedite the hearing on its insolvency petition against Jaypee group firm Jaiprakash Associates Ltd (JAL).

In September 2018, ICICI Bank had filed a petition before the Allahabad bench of National Company Law Tribunal (NCLT) seeking to start insolvency proceedings of JAL, which is into infrastructure and real estate.

In its plea before the appellate tribunal, ICICI Bank submitted that there has been no progress in its petition filed before the NCLT Allahabad in last nine months.

Hearing the matter, a single member NCLT bench of Justice Bansi Lal Bhat directed to list ICICI Bank's plea on July 1 for hearing.

JAL's subsidiary Jaypee Infratech is already going through a corporate insolvency resolution process (CIRP). According to ICICI Bank, JAL owes around Rs 1,296 crore and the bank had approached NCLT to recover the dues, by filing an insolvency plea against JAL, under section 7 of Insolvency & Bankruptcy Code (IBC).

However, JAL challenged the ICICI Bank petition before the Allahabad High Court but the same was rejected. JAL then moved Supreme Court, which too refused to stay the application.

"However, despite this, there is no development in this matter," said ICICI Bank counsel on Monday.

"We want direction to NCLT to expedite the matter," the counsel said, adding that the proceedings before NCLT are being played into the hands of the JAL promoters.

The counsel further alleged that JAL is creating legal hurdles in the IBC proceedings. 

end-of
Tags: 
nclt, icici bank, insolvency, jaypee group, nclat, ibc
Location: 
India, Delhi, New Delhi
Latest From Companies
HUL CMD Sanjiv Mehta said the results show that the long-term structural opportunity of FMCG in India remains intact.

HUL Q1 net profit rises 5.7 pc to Rs 1,897 crore

The management of Radar has built and exited 3 different businesses themselves which helps the sensitise first time and even veteran entrepreneurs.

Radar India advisors scales a new high

The top seven cities of Delhi, Mumbai, Kolkata, Chennai, Hyderabad, Pune and Bengaluru accounted for 4.45 billion km.

Delhi sees more night trips than Bengaluru, Mumbai, says Ola

Most Popular

Mukesh Ambani 9th richest on Forbes' real-time billionaires list
Top credit card myths harmful for your financial well-being
Microsoft CEO Satya Nadella tops Fortune's Businessperson of the Year 2019
Employment growth slowed down in last two years: report
GST structure: key challenges and its solutions

Editor's Picks

Income tax e-filers drop by over 6.6 lakh in FY19: Official data
Swiping on your smartphone reveals a lot about you to your social media company
  • Read Financial Chronicle as it appears in print.
  • Subscribe, and get it delivered in the inbox everyday.
  • Politics, Plan And Policy
  • Markets
  • Companies
  • Economy
  • In Other News
  • Autos
  • Just In
  • Home
  • About Us
  • Contact Us
  • Terms of Service
  • Privacy Guidelines
  • Copyright © 2019 Financial Chronicle, All rights reserved
Developed & Maintained By Daksham