Lenders bank on SC and RBI’s direction to justify JAL’s admission into insolvency

The Supreme Court and RBI mandated the insolvency process for Jaiprakash Associates Limited (JAL) due to notable debt defaults. ICICI Bank emphasized the protection of public funds, presenting JAL's dues of Rs 1269 crore. The National Company Law Tribunal, Allahabad admitted the insolvency case, dismissing JAL's repayment claim.