News

June 17, 2019

ICICI Bank Moves NCLAT To Direct NCLT Allahabad For Early Hearing Of Its Insolvency Plea Against Jaiprakash Associates


[ By Bobby Anthony ]

ICICI-Bank

The ICICI Bank has approached the National Company Law Appellate Tribunal (NCLAT) seeking a direction to the National Company Law Tribunal’s (NCLT) Allahabad bench to expedite hearing of its insolvency petition against Jaypee Group’s company, Jaiprakash Associates Ltd (JAL).

In its September 2018 plea before the NCLAT, ICICI Bank had submitted lack of any progress in its petition filed before NCLT Allahabad for the last nine months.

NCLT Allahabad had directed listing of ICICI Bank's plea to be heard on July 1 after hearing the petition to start insolvency proceedings against Jaiprakash Associates Ltd, which is a infrastructure and real estate company.

ICICI Bank had approached NCLT to recover dues of Rs 1,296 crore by filing an insolvency plea against Jaiprakash Associates Ltd, under Section 7 of the Insolvency & Bankruptcy Code (IBC).

However, Jaiprakash Associates Ltd challenged ICICI Bank’s petition before the Allahabad High Court, which rejected it.

After the Allahabad High Court rejected Jaiprakash Associates Ltd’s petition, it moved the Supreme Court, which refused to stay the ICICI Bank petition as well.

However, despite this, there was no progress in the matter, according to ICICI Bank’s lawyers.

Consequently, ICICI Bank approached the NCLT’s Allahabad bench to expedite the matter.

The ICICI Bank’s lawyers also alleged that Jaiprakash Associates Ltd has been creating legal hurdles in the bankruptcy proceedings.

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