Deciding two connected writ petitions arising from a common Industrial Tribunal Award, the Delhi High Court set aside the Tribunal's direction granting hotel workmen a further…
Labour Laws
06/09/20264 min read
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Informative
NCLAT Refuses Stay On Jaiprakash Associates' Insolvency Proceedings
Insolvency & Bankruptcy Code
The NCLAT declined to stay NCLT's order admitting Jaiprakash Associates Limited (JAL) into insolvency resolution. Despite JAL's restructuring proposals, NCLT proceeded, citing its listing among major loan defaulters. The IRP assured continuity of projects and employment for 25,000 workers. JAL's suspended director, Sunil Kumar Sharma, appealed, citing potential project delays. \r
ICICI Bank opposed the stay, noting JAL's substantial debt. The NCLAT chose not to grant a stay, urging banks to consider JAL's one-time settlement proposal. The case awaits further hearing on June 24.
