NCLAT upholds insolvency proceedings against Jaypee Cement Corp

The insolvency appellate tribunal upheld insolvency proceedings against Jaypee Cement, affirming an earlier NCLT order. NCLAT dismissed Alok Gaur's appeal, stating the debt and default were proven. The tribunal rejected the argument that Jaiprakash Associates Ltd (JAL)'s restructuring agreement absolved Jaypee Cement's liabilities.