The National Company Law Tribunal (NCLT) has directed the initiation of insolvency proceedings against Bhilai Jaypee Cement, a subsidiary of the debt-laden Jaiprakash Associates Limited (JAL). This follows an operational creditor petition from Sidhgiri Holdings Pvt Ltd, claiming unpaid dues of INR 45 crore for coal supplied to the company between September 2021 and June 2022.
The Cuttack bench of NCLT, consisting of Members Deep Chandra Joshi and Banwari Lal Meena, admitted the petition and appointed an interim resolution professional (IRP). The tribunal also suspended the company’s board and placed it under a moratorium, restricting the sale or encumbrance of assets, civil suits, or…