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Jaiparkash Associates Limited (JAL) Seeks Permission Of Apex Court To Monetize Some Of Its Assets

Courtesy/By: Snigdha Kashyap | 03 Jul 2018

After having failed to meet the stipulated deadline on June 15, a fresh application has been filed by JAL seeking permission from apex court to monetize some of its assets to be able to comply with SC directives, the Supreme Court registry confirmed.

A bench led by CJI Dipak Misra on May 16, had ordered JAL to deposit a further sum of Rs 1000 crore by June 15. "Subject to the said deposit there shall be the stay of further proceedings. If the amount is not deposited by said date, the statutory proceedings shall continue," it read.

"A reputed bank in India" has assured JAL of making available Rs 1000 crore through different instruments, JAL said. Since SC has barred JAL from creating third-party interest in its assets, it has requested for Court’s permission before accepting the bank proposal to create mortgage over its assets and further raise the money.

Courtesy/By: Snigdha Kashyap | 03 Jul 2018