Legal27 Feb 2026, 05:51 pm
Jaiprakash Power Ventures Files for CIRP After Default Allegation by NARCL Trust
AI Summary
Jaiprakash Power Ventures Ltd. has filed an application before the Hon'ble NCLT Allahabad bench for the initiation of Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. The application has been made by National Asset Reconstruction Company Limited, Trustee of NARCL Trust, alleging a default amount of Rs. 511,72,82,207/- plus interest and other charges, in relation to a corporate guarantee extended by the Company to M/s Jaiprkash Associates Limited. The matter is yet to come up before the NCLT, and the Company will keep the stock exchanges informed of any further developments.
Key Highlights
- Jaiprakash Power Ventures Ltd. has filed an application for CIRP under IBC with the NCLT Allahabad bench.
- The application has been made by National Asset Reconstruction Company Limited, Trustee of NARCL Trust, alleging a default amount of Rs. 511,72,82,207/- plus interest and other charges.
- The default is in relation to a corporate guarantee extended by the Company to M/s Jaiprkash Associates Limited.
- The matter is yet to come up before the NCLT.
- The Company will keep the stock exchanges informed of any further developments.