NCLT Action - Business Outrank

The National Company Law Tribunal (NCLT) started legal proceedings against Bhilai Jaypee Cement because the company failed to pay ₹45 crore. The Cuttack bench of NCLT accepted the operational creditor Sidhgiri Holdings Pvt Ltd's petition which demonstrated that the company received coal supplies but never received complete payment for them. The tribunal established that Bhilai Jaypee Cement did not fulfill its operational debt obligations which proved the company had defaulted under Section 9 of the Insolvency and Bankruptcy Code (IBC). The court issued an order that established an Interim Resolution Professional (IRP) to take control of the company while preventing asset seizures through a moratorium. The coal supply dispute between September 2021 and June 2022 led to this legal conflict. The company issued multiple invoices but paid only a portion of the total amount due. The cement manufacturer received no response after issuing a statutory demand notice and multiple payment reminders which led to the filing of an insolvency case. The NCLT established that Bhilai Jaypee Cement never contested the coal delivery records or billing documents which established the debt as legitimate. The parent company Jaiprakash Associates Limited faces insolvency proceedings while Vedanta stands as the leading bidder for its assets.

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