The National Company Law Tribunal (NCLT), Allahabad Bench, has ruled that the ongoing insolvency resolution process for Jaiprakash Associates Limited (JAL) must proceed under a single resolution plan for the entire company, rejecting a previous option that allowed bids for individual business clusters.
The ruling, pronounced on March 6, 2025, came in response to an application filed by Sunil Kumar Sharma, a suspended director of JAL, challenging the dual-option approach adopted by the Resolution Professional (RP).
While the RP’s counsel argued that the dual-option approach would maximize the corporate debtor’s value and expedite the resolution process, Sharma’s counsel contended that this approach violated the provisions of the…
