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The National Company Law Tribunal (NCLT) has ordered the initiation of insolvency proceedings against Bhilai Jaypee Cement, a subsidiary of debt-laden Jaiprakash Associates Ltd, following a default of INR450m (US$0.512m).
The Cuttack bench of the NCLT issued the direction after admitting a petition filed by operational creditor Sidhgiri Holdings Pvt Ltd, which supplied coal to Bhilai Jaypee Cement and was not paid for deliveries worth INR450 m.
A two-member NCLT bench, comprising Members Deep Chandra Joshi and Banwari Lal Meena, appointed an interim resolution professional (IRP) and suspended the company’s board of directors. The tribunal also imposed a moratorium under the Insolvency and Bankruptcy Code (IBC),…
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New Delhi, Oct 22 (IANS) The National Company Law Tribunal (NCLT) has ordered the start of insolvency proceedings against Bhilai Jaypee Cement, a subsidiary of debt-laden Jaiprakash Associates Limited (JAL), for failing to pay dues of Rs 45 crore to a supplier.
The Cuttack bench of the NCLT passed the order after admitting a petition filed by Sidhgiri Holdings Private Limited, which had supplied coal to Bhilai Jaypee Cement.
The cement company reportedly did not pay the full amount for coal purchased between September 2021 and June 2022.
Sidhgiri Holdings had sent coal under three separate purchase orders of 2,000 metric tonnes each, making it a total of 6,000 metric tonnes.
According to the agreement, the company was supposed to make…
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A two-member NCLT bench also appointed an interim resolution professional (IRP), suspending Bhilai Jaypee Cement’s board and placing it under a moratorium.
Sidhgiri Holdings moved NCLT, filing a petition against Bhilai Jaypee Cement under Section 9 of the IBC.
The National Company Law Tribunal (NCLT) has ordered the initiation of insolvency proceedings against Bhilai Jaypee Cement, a subsidiary of debt-laden Jaiprakash Associates Limited, over a default of Rs 45 crore. The Cuttack bench of the NCLT issued the direction after admitting a plea by the company’s operational creditor, Sidhgiri Holdings Pvt Ltd, to which Bhilai Jaypee Cement owed Rs 45 crore for coal supplies.
A two-member NCLT bench…
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New Delhi, Oct 22 (IANS) The National Company Law Tribunal (NCLT) has ordered the start of insolvency proceedings against Bhilai Jaypee Cement, a subsidiary of debt-laden Jaiprakash Associates Limited (JAL), for failing to pay dues of Rs 45 crore to a supplier.
The Cuttack bench of the NCLT passed the order after admitting a petition filed by Sidhgiri Holdings Private Limited, which had supplied coal to Bhilai Jaypee Cement.
The cement company reportedly did not pay the full amount for coal purchased between September 2021 and June 2022.
Sidhgiri Holdings had sent coal under three separate purchase orders of 2,000…
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NCLT Initiates Insolvency Proceedings Against Bhilai Jaypee Cement Over ₹45 Crore Default scanx.trade
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REVEALED: Latest business liquidations in Hume Herald Sun
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NCLT Orders Insolvency Proceedings Against Bhilai Jaypee Cement Over Rs 45 Crore Default BW Legal World
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New Delhi: The National Company Law Tribunal (NCLT) has directed for initiation of insolvency proceedings against Bhilai Jaypee Cement, a subsidiary of debt-ridden group Jaiprakash Associates Limited, for a default of Rs 45 crore.The direction of Cuttack bench of NCLT came after it admitted a plea filed by the company’s operational creditor Sidhgiri Holdings Pvt Ltd, to which Bhilai Jaypee Cement owed Rs 45 crore against supply of coal.
A two-member NCLT bench also appointed an interim resolution professional (IRP), suspending the board of the company and putting it under the protection of moratorium against encumbrance of assets through sale, civil suits etc, as per the provisions…
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A bankrupt builder who persuaded a customer to pay him more than £30,000 for home improvements he never completed has been sentenced.
Wayne Miller deliberately concealed his status as a bankrupt from his victim and abandoned the building project in Canterbury when it was nowhere near finished. He also promised to repay the customer for the unfinished work and goods but no payments were ever made.
Work on the project, which was supposed to include a new kitchen and two-storey extension, was due to start in March 2018, and Miller told the customer it would take around eight weeks to complete.
Miller and the customer agreed that the total cost of £43,528 would be paid in five equal instalments of £8,705.60, with the…
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The direction of Cuttack bench of NCLT came after it admitted a plea filed by the company’s operational creditor Sidhgiri Holdings Pvt Ltd, to which Bhilai Jaypee Cement owed Rs 45 crore against supply of coal.
A two-member NCLT bench also appointed an interim resolution professional (IRP), suspending the board of the company and putting it under the protection of moratorium against encumbrance of assets through sale, civil suits etc, as per the provisions of the Insolvency & Bankruptcy Code (IBC).
“We are inclined to…
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