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JAL was part of the Reserve Bank of India’s list of 26 big loan defaulters to commercial banks for initiating bankruptcy proceedings in August 2017.
The National Company Law Tribunal (NCLT) on Monday directed to initiate insolvency proceedings against debt-ridden Jaiprakash Associates Ltd, admitting the plea filed by private lender ICICI Bank.
Jaiprakash Associates Ltd (JAL), which is the flagship firm of Jaypee Group, is mainly into construction, cement and hospitality businesses. JAL has sold many cement plants in the last few years to reduce its debt.
A two-member bench at NCLT, Allahabad, comprising Members Praveen Gupta and Ashish Verma pronounced the order on Monday af…
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