Jaiprakash Power Ventures Limited has announced an agreement with National Asset Reconstruction Company Limited (NARCL) to settle a claim related to initiation of IBC proceedings. The settlement is subject to a payment of ₹511.00 crore as full and final settlement, along with the fulfillment of other conditions and the execution of definitive agreements. Upon fulfillment of all terms, the IBC proceedings will be withdrawn.
Settlement Agreement Reached
Jaiprakash Power Ventures Limited (JPVL) has reached a significant settlement agreement with the National Asset Reconstruction Company Limited (NARCL). This agreement pertains to a matter initially disclosed concerning the initiation of Corporate Insolvency Resolution Process (CIRP) proceedings against the company. The settlement aims to resolve outstanding claims and bring closure to the legal process.
Key Terms of the Settlement
As per the terms of the agreement, JPVL will make a payment of ₹511.00 crore to NARCL. This amount represents the full and final settlement for the claim. In addition to the financial payment, the settlement is also contingent upon the fulfillment of certain other stipulated conditions and the execution of definitive agreement(s) between the parties. The company has stated that once all these conditions are met, the IBC proceedings initiated against JPVL will be formally withdrawn.
Disclosure and Future Updates
This announcement serves as an update to the company’s earlier disclosure dated 27th February, 2026, which detailed the initiation of IBC proceedings. JPVL has committed to keeping the stock exchanges informed of any further material developments regarding this settlement and the subsequent withdrawal of the IBC proceedings.
Source: BSE
