In a significant development, the National Company Law Tribunal (NCLT), Allahabad Bench, has directed Jaiprakash Associates Limited (JAL) to continue with the process of inviting Expression of Interest (EOI) for the company as a whole, setting aside the option of inviting EOIs for individual business clusters. The order, pronounced on March 6, 2025, comes 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).
Background
Jaiprakash Associates Limited, a prominent infrastructure company, has been undergoing Corporate Insolvency Resolution Process (CIRP) since June 2024. The RP had initially proposed two…
