The Allahabad bench of NCLT said the process of two options ”is untenable in law’ as the IBC provides for the steps to be followed one after the other. The Corporate Insolvency Resolution Process (CIRP) was initiated against JAL on June 3, 2024. This has been challenged by the former promoters before appellate tribunal NCLAT, however, they have not received any stay so far on the process. The tribunal also said if no bids are received for JAL, then it may consider selling in tranches. It came over the petition filed by Sunil Kumar Sharma, one of the members of the suspended board of JAL. He had requested the NCLt to quash and set aside agenda items 7 & 8 of the Committee of Creditors (CoC), which was passed by lenders with 81.80 per cent voting on December 19, 2024, the tribunal said in its 57-page order last Thursday. In the EoI, JAL’s assets spread across different verticals were divided among eight clusters by the lenders – Real Estate, Investment in Jaiprakash Power Ventures (24 per cent), Cement, Hospitality, investment in BJCL, Jaypee Fertilizers & Industries, Cricket Stadium & F1 Racetrack and EPC & Residual Entity.