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Posted on 17-06-2019 | 03:15:41PM

ICICI Bank moves NCLAT to expedite insolvency plea against Jaiprakash Associates

Private sector lender ICICI Bank Monday approached the National Company Law Appellate Tribunal (NCLAT), seeking a direction to NCLT, Allahabad to expedite the hearing on its insolvency petition against Jaypee group firm Jaiprakash Associates Ltd (JAL).
In September 2018, ICICI Bank had filed a petition before the Allahabad bench of National Company Law Tribunal (NCLT) seeking to start insolvency proceedings of JAL, which is into infrastructure and real estate.
In its plea before the appellate tribunal, ICICI Bank submitted that there has been no progress in its petition filed before the NCLT Allahabad in last nine months.
Hearing the matter, a single member NCLT bench of Justice Bansi Lal Bhat directed to list ICICI Banks plea on 1 July for hearing.
JALs subsidiary Jaypee Infratech is already going through a corporate insolvency resolution process (CIRP).
According to ICICI Bank, JAL owes around 1,296 crore and the bank had approached NCLT to recover the dues, by filing an insolvency plea against JAL, under section 7 of Insolvency & Bankruptcy Code (IBC).
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