Jaypee Infratech Insolvency: Lenders to Meet On 18 November to Comply With Supreme Court Direction

Lenders of debt-ridden Jaypee Infratech will meet on 18 November to take forward the process of insolvency resolution after the Supreme Court directed early this month to complete the process within 90 days, Firstpost reported. Crisis-hit Jaypee group firm Jaypee Infratech went into insolvency in 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium seeking resolution of the firm. Jaypee Infratech, a subsidiary of Jaiprakash Associates, has an outstanding debt of nearly Rs 9,800 crore. In the first round of insolvency proceedings, the Rs 7,350 crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders. Interim Resolution Professional (IRP) Anuj Jain, in October 2018, started a fresh initiative to revive Jaypee Infratech on the NCLT's direction. Read more

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