The National Company Law Tribunal has ordered the start of insolvency proceedings against Jaiprakash Associates Ltd (JAL). This comes six years after lenders, led by ICICI Bank, first requested action. This information comes from a report in the Times of India.
The decision will significantly affect the company’s real estate operations in Noida and Greater Noida, even though its scope is much smaller compared to Jaypee Infratech, which was declared insolvent in 2018. At that time, ICICI also took action against JAL. Two years ago, when JAL failed to meet loan repayment obligations, the State Bank of India also approached the tribunal regarding the company, which was among the two dozen identified for fast-track resolution.
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Read the full article at: https://m.economictimes.com/wealth/real-estate/insolvency-proceedings-ordered-against-jaiprakash-associates-these-jaypee-homebuyers-wont-be-impacted/articleshow/110696152.cms