As on 31 March, the consolidated debt of Jaypee Infratech was over Rs7,922 crore with a negative interest coverage ratio. Graphic: Ajay Negi/Mint
Mumbai: The Allahabad bench of the National Company Law Tribunal (NCLT) on Wednesday admitted insolvency proceedings against Jaypee Infratech Ltd, one of the 12 companies referred to the tribunal following the Reserve Bank of Indias (RBI) 13 June directive to banks, according to two people aware of the matter.
The NCLT bench accepted the petition moved by IDBI Bank, the leader of the consortium of lenders to the Jaypee Group company, and also approved the appointment of an interim resolution professional.
Jaypee Infratech has withdrawn all the objections with respect to its admission under the In…
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