In a significant blow to Jaiprakash Associates Ltd (JAL), the debt-ridden parent company of the distressed Jaypee Group, the National Company Law Appellate Tribunal (NCLAT) on Friday dismissed its appeal challenging the company’s admission into insolvency.
This decision affirms the National Company Law Tribunal’s (NCLT) 3 June order, which admitted JAL into insolvency proceedings based on a plea by ICICI Bank.
The NCLAT bench, comprising chairperson Justice Ashok Bhushan and technical members Barun Mitra and Arun Baroka, upheld the NCLT’s decision, saying, “After answering all the issues, we are of the view that no grounds have been made out to…
