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ā¢ ICICI Bank has invoked pledged Jaiprakash Associates (JAL) shares to settle a part of the company's debt, causing surprise and confusion among other lenders in the 32-bank consortium.
ā¢ JAL owes a total of ā¹29,272 crore to the consortium, and the insolvency petition filed by ICICI in 2018 is yet to be admitted.
ā¢ The move has raised questions about the legality and feasibility of the settlement, as well as the power of ICICI to make such a decision without consulting other lenders.