NCLT orders insolvency proceedings against Bhilai Jaypee Cement over Rs 45 crore default
NEW DELHI: The National Company Law Tribunal (NCLT) has ordered the start of insolvency proceedings against Bhilai Jaypee Cement, a subsidiary of debt-laden Jaiprakash Associates Limited (JAL), for failing to pay dues of Rs 45 crore to a supplier.
NEW DELHI: The National Company Law Tribunal (NCLT) has ordered the start of insolvency proceedings against Bhilai Jaypee Cement, a subsidiary of debt-laden Jaiprakash Associates Limited (JAL), for failing to pay dues of Rs 45 crore to a supplier.
The Cuttack bench of the NCLT passed the order after admitting a petition filed by Sidhgiri Holdings Private Limited, which had supplied coal to Bhilai Jaypee Cement.
The cement company reportedly did not pay the full amount for coal purchased between September 2021 and June 2022.
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