NEW DELHI: Jaiprakash Associates Ltd (JAL) on Monday approached the National Company Law Appellate Tribunal (NCLAT), seeking protection from “the possibility of irreversible harm” arising from the company’s ongoing insolvency process, including an “attempt to sell” its assets.
The Allahabad bench of the National Company Law Tribunal (NCLT) in June ordered initiation of corporate insolvency resolution process (CIRP) against JAL, on a complaint by ICICI Bank that accused the construction and infrastructure company of defaulting on payment of Rs 1,269 crore.
Senior advocate Abhishek Manu Singhvi, appearing for JAL, asked the appellate tribunal to grant interim relief, arguing, “Steps further in pursuance of CIRP should not happen. They are trying to issue an expression of interest (EOI), and after EOI, it becomes irreversible.”
But the appellate tribunal remarked: “We can’t pass an order before we hear the other side (ICICI Bank-led lenders).”
