JP power
The Insolvency Appellate Tribunal (NCLAT) has directed the National Company Law Tribunal (NCLT) to immediately decide to stop the process of inviting interest (EOI) in connection with the two investment of Jayaprakash Association Group in Jayaprakash Power Venture and JP Fertilizers and Industry. The Allahabad bench of NCLT had banned the process of inviting EOI by the resolution of Jayaprakash Associates Limited (JAL) in an order on April 29, 2025. Jayaprakash Associates Limited is currently under the Corporate Insolvency Solution Process (CIRP). The order was immediately challenged by the National Property Reconstruction Company Limited (NARCL) before the National Company Law Appellate Tribunal (NCLAT).
NARCL handed over loan recovery
NARCL has been entrusted with the right to recover 85 percent loan given by banks to JAL. A three -member bench led by NCLAT Chairman Justice Ashok Bhushan found that the case was already scheduled for hearing before the Allahabad bench on 26 May 2025. Therefore, the NCLAT directed the Allahabad Peeth of NCLT to consider the reply filed by the civic codors COC (Committee of Loackers) and RP (Samadhan Professional).
What is the whole matter
In an order on April 29, 2025, the Allahabad bench of the National Company Law Tribunal banned the process of inviting EOI by the resolution of the debt -ridden Jayaprakash Associates Limited (JAL), which is currently passing through the Corporate Insolvency Solution Process (CIRP). The order was immediately challenged by the National Property Reconstruction Company Limited (NARCL) to the National Company Law Appellate Tribunal, which coordinates 85 percent of banks of banks to JAL and Samadhan Professional (RP). However, a three -member bench of NCLAT -headed NCLAT -led NCLAT found that the case was to be heard before the Allahabad bench on May 26, 2025, so he directed him to consider the reply filed by the lenders COC (Committee of Lenders) and RP.
The National Company Law Appellate Tribunal (NCLAT) said in its order passed on 20 May, “The date of application has been fixed on May 26, 2025, we request the Tribunal (NCLT) to consider the reply submitted by RP and COC along with the application to take a decision regarding any procedure affected by any comments affected in the disputed order.” It states, “Given the fact that CIRP is a time -bound process, the Tribunal (NCLT) will try to settle the application on the scheduled date or as soon as possible.”
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