The National Company Law Appellate Tribunal has upheld the National Company Law Tribunal’s ruling approving the Adani Group as the selected buyer for Jaiprakash Associates Ltd. NCLAT found no grounds to overturn the original decision and emphasized that lenders’ selection was based on commercial wisdom, keeping the deal on track.
Jyoti Structures’ insolvency resolution has been stuck for years because lenders did not act on bank guarantees worth over INR 1,350 crore. Now, an NCLT contempt order against the banks could compel compliance and allow the firm’s resolution plan to be implemented more fully, potentially restarting a stalled revival timeline that has dragged close to a decade.
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