Suspended board of Jaiprakash Associates moves NCLAT, challenges insolvency proceedings
Monday, 10 June 2024
The suspended board of Jaiprakash Associates has appealed to the NCLAT against the NCLT's order to initiate insolvency proceedings. ICICI Bank's insolvency plea was admitted in June, with Bhuvan Madan appointed as Interim Resolution Professional. The NCLT rejected JAL's plea, citing debt default and dismissed arguments regarding viability and asset richness.
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