ICICI Bank Rejects Revised OTS Proposal from Jaiprakash Associates

ICICI Bank and other lenders have rejected Jaiprakash Associates Ltd's modified one-time settlement proposal, which included higher upfront payments and the sale of its cement assets. The insolvency appellate tribunal, NCLAT, has directed further proceedings. A hearing is scheduled for July 26.

ICICI Bank and a consortium of lenders rejected a revised one-time settlement (OTS) proposal from debt-ridden Jaiprakash Associates Ltd (JAL), which included a higher upfront payment and the sale of its cement assets.

Representing ICICI Bank, senior advocate Sajeev Sen informed the insolvency appellate tribunal, NCLAT, of the rejection.

Subsequently, NCLAT, led by Chairperson Justice Ashok Bhushan, scheduled the next hearing for July 26.