Insolvency proceedings ordered against JAL, flagship firm of Jaiprakash Group

The National Company Law Tribunal has ordered the initiation of insolvency proceedings against Jaiprakash Associates Ltd (JAL). This action comes six years after lenders, led by ICICI Bank, first sought such measures. The decision is expected to impact JAL’s real estate operations in Noida and Greater Noida. However, these operations are on a smaller scale compared to Jaypee Infratech, which was admitted for insolvency in 2018 after ICICI Bank had also moved against JAL.