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New Delhi: State Bank of India has moved the National Company Law Tribunal (NCLT) to initiate bankruptcy action against Jaiprakash Associates Ltd., the flagship company of Jaypee GroupPutting in the fortunes of thousands of home buyers Jaypee Greens, Jaypee Wishtown and Jaypee Greens Sports City, which includes the F1 track, are in uncertainty. The number of units to be affected was not readily available.
The group also owns a few hotels, golf courses, cement plants and coal blocks. Andhra Cement and After Jaypee Infratech, the giant real estate venture, it is the third group company to be dragged to bankruptcy court by the lenders. Homebuyers at Jaypee Infratech are still waiting for the results even after five years of reaching the NCLT.
Jaiprakash Associates’ lease for some land under the jurisdiction of Yamuna Expressway Industrial Development Authority has also been canceled as the company has failed to clear dues.
Insolvency: State Bank Of India Default of Rs 6,893 crore cited by Jaypee flagship firm
In August 2017, the Center and the RBI had identified Jaiprakash Associates (JAL) among 26 cases for insolvency proceedings, but other lenders blamed ICICI Bank and SBI in pursuing the case, though a petition was filed in September 2018. was done. The loan was classified. As a non-performing asset in March 2016.
A senior Jaypee Group official told TOI, “We will respond to the petition and it has always been our intention to clear all the dues of the banks. We have sold assets worth Rs 40,000 crore and we are confident of sorting out the matter.” “
For the year ended March 2022, JAL had reported a loss of over Rs 1,200 crore.
Management led by Manoj Gaur was arguing that the lenders had agreed to a loan “restitution” plan in 2017 which, with the latest default, has not been executed, prompting SBI to take up the issue with ICICI Bank. forced to lift. Several other lenders were willing to go against the company in any case as the resolution was not visible.
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