NCLAT reserves order in Jaiprakash Associates' appeal

economictimes.indiatimes.com:

NCLAT), on Monday, reserved its order in Jaiprakash Associates Ltd's (JAL) appeal against NCLT's order of admitting it into insolvency.

National Company Law Tribunal (NCLT) Allahabad passed an insolvency admission order earlier this year on ICICI bank's plea, holding the construction and infrastructure company to have defaulted on payments amounting to ₹1269 crore.

JAL has argued that its total debt was restructured under the master restructuring agreement (MRA), and the default date mentioned by the lenders goes before the MRA, which is bad in law.

JAL's counsel said, «Date of default is superseded by restructuring agreement.»

However, lenders led by ICICI Bank have countered JAL's argument, stating that the debt relating to the present petition was never part of any MRA.

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