New Delhi, Mar 10 (PTI) The National Company Law Tribunal (NCLT) has directed that the resolution plans to acquire Jaiprakash Associates through the insolvency process should be invited for the entire company as a going concern and not by dividing its different business verticals.
NCLT has said ‘Form G’ published by the resolution professional of JAL inviting Expression of Interest (EOI) from prospective buyers “by giving two options at the threshold and the second option by splitting the business operations of JAL into multiple clusters being in violation of the provisions” of Insolvency & Bankruptcy Code (IBC).
The Allahabad bench of NCLT said the process of two…
