Representational pic – Jaypee Infratech insolvency plea
Shares of Jaypee Infratech, a part of the debt-ridden Jaypee group, today hit lower circuit with reports suggesting that the government was exploring if it was legally tenable under insolvency laws to sell its assets to raise money to complete pending housing projects of the company.
Hundreds of home buyers were left in a lurch after the Allahabad bench of the National Company Law Tribunal (NCLT) on August 9 admitted IDBI Banks plea to begin insolvency proceedings against Jaypee Infratech for defaulting on Rs 526 crore loan.
According to a Finance Ministry official, the ministry will have to first discuss with the Corporate Affairs Ministry if the bankruptcy code provides an…
Read the full article at: http://www.indiatvnews.com/business/india-jaypee-infratech-insolvency-plea-as-govt-weighs-assets-sale-to-raise-money-what-next-for-homebuyers-396669