NCLT in Allahabad directs insolvency proceedings against debt-laden Jaiprakash Associates (JAL) following pleas by ICICI Bank and SBI.

The National Company Law Tribunal (NCLT) in Allahabad has directed the initiation of insolvency proceedings against debt-laden Jaiprakash Associates (JAL), a flagship company of Jaypee Group, following insolvency pleas filed by ICICI Bank and State Bank of India. JAL has been involved in reducing its debt through the sale of cement plants and is currently facing insolvency proceedings alongside other group companies. The company reported a default on repayments of Rs 1,751 crore and interest of Rs 2,865 crore on April 30.

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