NCLAT reserves order in JAL's scheme plea

The National Company Law Appellate Tribunal (NCLAT) reserved its order on Jaiprakash Associates Ltd's (JAL) appeal against the National Company Law Tribunal (NCLT) decision, which had disapproved JAL's scheme of arrangement. The scheme proposed transferring part of JAL's debt and around 1,000 acres of land to Jaypee Infrastructure Development Limited, a special purpose vehicle of JAL.