The National Company Law Appellate Tribunal (NCLAT) has upheld the commencement of insolvency proceedings against Jaypee Cement Corporation Ltd. (JCCL), dismissing the appeal filed by its suspended director, Alok Gaur.
The appeal had challenged the 22 July 2024 order of the National Company Law Tribunal (NCLT), Allahabad Bench, which had admitted a Section 7 application filed by the State Bank of India (SBI) against JCCL over a default of more than ₹363 crore. The NCLAT’s ruling now clears the way for the continuation of the Corporate Insolvency Resolution Process (CIRP) against the company.
JCCL, a subsidiary of Jaiprakash Associates Ltd. (JAL), was part of a broader restructuring effort spanning both…