NCLT rejects JAL’s claim of liquidity crunch due to delay in government approvals, litigations
The NCLT, which on June 3 ordered initiation of insolvency proceedings against Jaiprakash Associates Ltd (JAL), rejected the company’s contention that it faced a liquidity crunch and defaulted on debt repayments mainly due to delays in government approvals and prolonged litigation concerning land acquisition for Yamuna Expressway and change in government policies. It has been…