₹NSE₹₹₹Jaypee Associates (JAL) staring at insolvency proceedings, sought to renew its push for settling the bankers' dues with a one-time settlement proposal of16,200 crore, but the bankers told the NCLAT today that they were not convinced.NCLAT is hearing an appeal by Sunil Kukar Sharma, of the suspended board of Jaypee Associates.
He is challenging the NCLT order of June 3, which initiated insolvency proceedings against the company.The bankers today told the NCLAT that they had filed the insolvency plea against JAL in 2017 and that the company has been dragging its feet for the last 7 years on any settlement.
The bankers were responding to the one-time settlement (OTS) proposal proposed by JAL in the previous hearing.Under the OTS proposal, JAL is offering to pay an amount of200 crore upfront and is assuring payment of16,000 crore, spread across 18 months.
The total dues claimed by lenders is about26,000 crore.After a brief hearing today, NCLAT noted that the lenders had not filed a formal response to the OTS proposal before the appellate tribunal.
The lenders had submitted that last-minute clarification had been issued by JAL, the night before today's hearing, not allowing enough time for lenders to consider.The NCLAT has now directed the lenders to consider the OTS proposal and file a formal response before the next date of hearing.NCLAT will resume hearing in this case on July 3.
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Jaypee Associates (JAL) staring at insolvency proceedings, sought to renew its push for settling the bankers' dues with a one-time settlement proposal of16,200 crore, but the bankers told the NCLAT today that they were not convinced.NCLAT is hearing an appeal by Sunil Kukar Sharma, of the suspended board of Jaypee Associates. He is challenging the NCLT order of June 3, which initiated insolvency proceedings against the company.The bankers today told the NCLAT that they had filed the insolvency plea against JAL in 2017 and that the company has been dragging its feet for the last 7 years on any settlement. The bankers were responding to the one-time settlement (OTS) proposal proposed by JAL in the previous hearing.Under the OTS proposal, JAL is offering to pay an amount of200 crore upfront and is assuring payment of16,000 crore, spread across 18 months. The total dues claimed by lenders is about26,000 crore.After a brief hearing today, NCLAT noted that the lenders had not filed a formal response to the OTS proposal before the appellate tribunal. The lenders had submitted that last-minute clarification had been issued by JAL, the night before today's hearing, not allowing enough time for lenders to consider.The NCLAT has now directed the lenders to consider the OTS proposal and file a formal response before the next date of hearing.NCLAT will resume hearing in this case on July 3.
