NCLAT asks ICICI to consider Jaiprakash Associates' settlement offer
Real Estate

NCLAT asks ICICI to consider Jaiprakash Associates' settlement offer

The National Company Law Appellate Tribunal (NCLAT) has directed ICICI Bank to evaluate a proposal from bankrupt Jaiprakash Associates Ltd (JAL) for a one-time settlement of its outstanding loans.

The NCLAT issued this directive while considering JAL's challenge against a recent National Company Law Tribunal (NCLT), Allahabad order initiating insolvency proceedings against the company.

In response to JAL's plea, NCLAT has summoned ICICI Bank to respond by June 24, the next hearing date, regarding the proposed one-time settlement (OTS). JAL's counsel informed the tribunal that the company intends to clear the entire debt within 18 weeks if the OTS proposal is accepted.

However, creditors, citing a total debt exceeding Rs 260 billion, opposed this plan. Earlier, JAL had submitted an OTS proposal to creditors, offering an initial payment of Rs 2 billion and committing to pay the remaining Rs 160 billion within 18 weeks post-acceptance, but the NCLT dismissed this and ordered the initiation of Corporate Insolvency Resolution Process (CIRP) against JAL. The NCLAT, in its recent order, also suggested that JAL consider making a significant deposit before the next hearing date. (Source: ET Infra)

The National Company Law Appellate Tribunal (NCLAT) has directed ICICI Bank to evaluate a proposal from bankrupt Jaiprakash Associates Ltd (JAL) for a one-time settlement of its outstanding loans. The NCLAT issued this directive while considering JAL's challenge against a recent National Company Law Tribunal (NCLT), Allahabad order initiating insolvency proceedings against the company. In response to JAL's plea, NCLAT has summoned ICICI Bank to respond by June 24, the next hearing date, regarding the proposed one-time settlement (OTS). JAL's counsel informed the tribunal that the company intends to clear the entire debt within 18 weeks if the OTS proposal is accepted. However, creditors, citing a total debt exceeding Rs 260 billion, opposed this plan. Earlier, JAL had submitted an OTS proposal to creditors, offering an initial payment of Rs 2 billion and committing to pay the remaining Rs 160 billion within 18 weeks post-acceptance, but the NCLT dismissed this and ordered the initiation of Corporate Insolvency Resolution Process (CIRP) against JAL. The NCLAT, in its recent order, also suggested that JAL consider making a significant deposit before the next hearing date. (Source: ET Infra)

Next Story
Infrastructure Urban

USA Mortgage Rates Reach 6.95%

In July 2024, the average mortgage rate in the USA rose to 6.95%, marking a significant increase and impacting homebuyers nationwide. This upward trend in mortgage rates is attributed to several economic factors, including inflationary pressures, shifts in the Federal Reserve?s monetary policy, and broader market dynamics. The rise in mortgage rates presents challenges for potential homebuyers, making borrowing more expensive and potentially slowing down the housing market. Higher rates can lead to increased monthly payments for homeowners, reducing affordability and potentially deterring new ..

Next Story
Real Estate

Toronto Home Sales Increase 4.2%

In June 2024, home sales in Toronto experienced a notable rise, increasing by 4.2% compared to the previous month. This growth highlights a positive trend in the Toronto real estate market, indicating robust buyer activity and a favorable environment for sellers. Several factors contribute to this uptick, including attractive mortgage rates, strong demand for housing, and a stable economic backdrop. The Toronto Regional Real Estate Board (TRREB) reported this increase, pointing to heightened buyer confidence and competitive market conditions. Despite rising interest rates in other parts of Nor..

Next Story
Real Estate

New Zealand Boosts Home Construction

New Zealand is set to implement regulatory changes aimed at boosting home construction to address the nation's housing shortage. The government plans to streamline building consent processes, reduce construction costs, and increase the supply of affordable housing. This initiative is part of a broader strategy to make housing more accessible and alleviate the pressure on the housing market. Key elements of the regulatory overhaul include simplifying the approval process for new housing projects and reducing bureaucratic hurdles that often delay construction. By cutting red tape, the government..

Hi There!

Now get regular updates from CW Magazine on WhatsApp!

Click on link below, message us with a simple hi, and SAVE our number

You will have subscribed to our Construction News on Whatsapp! Enjoy

+91 81086 03000

Join us Telegram