ICICI Bank Limited initiated a Corporate Insolvency Resolution Process (CIRP) against Jaiprakash Associates Limited (JAL) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The application was filed due to a default of Rs. 1269,10,26,803.06/-. JAL contested the application, arguing that a Comprehensive Reorganisation & Restructuring Plan (CRRP) had been approved, and the debt was restructured into three buckets. JAL claimed that the debt related to Bucket 2B, which was to be transferred to a Special Purpose Vehicle (SPV), and no default existed. The NCLT Allahabad Bench considered the arguments and evidence presented by both parties.
ICICI Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Jaiprakash Associates Limited (JAL). The petition was based on a default of Rs. 1269,10,26,803.06/-. The loans were sanctioned under six different facilities. Jaiprakash Associates Limited argued that there was no default because the debt had been restructured under a Comprehensive Reorganisation & Restructuring Plan (CRRP) and was to be transferred to a Special Purpose Vehicle (SPV). The CRRP divided the debt into three buckets: Bucket 1, Bucket 2A, and Bucket 2B. The debt in question was part of Bucket 2B. The Corporate Debtor also referred to a sanction letter dated 19.05.2017, which they claimed
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ICICI Bank Limited…
The Respondent/Corporate Debtor filed the…
ICICI Bank Limited initiated a Corporate Insolvency Resolution Process (CIRP) against Jaiprakash Associates Limited (JAL) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The application was filed due to a default of Rs. 1269,10,26,803.06/-. JAL contested the application, arguing that a Comprehensive Reorganisation & Restructuring Plan (CRRP) had been approved, and the debt was restructured into three buckets. JAL claimed that the debt related to Bucket 2B, which was to be transferred to a Special Purpose Vehicle (SPV), and no default existed. The NCLT Allahabad Bench considered the arguments and evidence presented by both parties.
ICICI Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Jaiprakash Associates Limited (JAL). The petition was based on a default of Rs. 1269,10,26,803.06/-. The loans were sanctioned under six different facilities. Jaiprakash Associates Limited argued that there was no default because the debt had been restructured under a Comprehensive Reorganisation & Restructuring Plan (CRRP) and was to be transferred to a Special Purpose Vehicle (SPV). The CRRP divided the debt into three buckets: Bucket 1, Bucket 2A, and Bucket 2B. The debt in question was part of Bucket 2B. The Corporate Debtor also referred to a sanction letter dated 19.05.2017, which they claimed
…ICICI Bank Limited…
The Respondent/Corporate Debtor filed the…