Jaiprakash Associates Insolvency: NCLAT issues notice to ICICI, asks to consider OTS proposal

The NCLAT directed ICICI Bank to consider Jaiprakash Associates Ltd's (JAL) one-time settlement proposal amid the dispute over insolvency proceedings. JAL's offer, challenged by NCLT Allahabad, included an upfront payment of Rs 200 crore and the balance within 18 weeks. \r

The tribunal issued a notice to ICICI Bank, urging them to respond by June 24. JAL proposed to repay its over Rs 26,000 crore debt if the OTS is accepted. Meanwhile, the suspended board of JAL raised concerns about project continuations and employee welfare. NCLT's rejection of JAL's liquidity crunch claims led to the CIRP initiation. \r

The court set the next hearing for June 24 to further deliberate on the matter.