Lenders rejected JAL's Rs 500 crore offer. NCLT's Allahabad bench initiated CIRP with Bhuvan Madan as IRP. JAL, having Rs 26,000 crore debt, proposed Rs 200 crore upfront on May 29. During June 10 hearing, Sunil Kumar Sharma mentioned using cement sale proceeds. The 2018 ICICI Bank petition led to insolvency case. Next NCLAT hearing on July 26.
