Dhirendra Tripathi
Moneycontrol News
The Allahabad bench of the National Company Law Tribunal on Wednesday accepted lender IDBI Banks plea and classified Jaypee Infratech as an insolvent company.
With this, the board of directors of the company remains suspended. The Tribunal will now appoint an insolvency resolution professional — an official from one of the seven accounting firms selected for this purpose. The professional will sit with Jaypees creditors to see if a resolution of the companys debt is possible.
The appointed official will get 270 days to turn around the company’s finances. In case the turnaround doesnt happen, the companys assets will be liquidated.
Jaiprakash Associates, the flagship company of the Manoj …
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