SBI files 'insolvency petition' against Jaiprakash Associates in NCLT
.webp)
The State Bank of India (SBI) filed a corporate insolvency petition against construction firm Jaiprakash Associates Limited (JAL) for a debt default of Rs 6,892.48 crore the Business Line reported.
JAL (incorporated in 1995) was formed in 2004 through the amalgamation of Jaiprakash Industries with Jaypee Cement.
JAL is involved in cement manufacturing, engineering and construction, expressways, real estate, hospitalities, and wind/thermal power plants all over India.
The lender filed the petition before the Allahabad Bench of the National Company Law Tribunal (NCLT) on September 20.
December 10, 2015, is notified as the date of debt default by the National E-Governance Services Limited (NeSL).
Under the Insolvency and Bankruptcy Code, Jaiprakash Associates, a flagship firm of the debt-ridden Jaypee Group, was included in the Reserve Bank of India's second list of 26 big loan defaulters. The bankruptcy proceedings were initiated against them in August 2017.
In September 2018, the ICICI Bank filed an insolvency petition in September 2018. According to the report, the said matter has not been admitted and adjourned for the last four years.
Currently, JAL has a huge outstanding debt estimated to be around Rs 26,000 crore. It has tried to convince its lenders of a restructuring proposal outside the IBC, but without any success.
Notably, Jaypee Infratech, also a Jaypee group company is already under the IBC process.
The SBI has also proposed to the court to appoint Bhuvan Madan as the interim insolvency professional for the case.
In total, 32 banks have exposure to JAL which include ICICI Bank, Axis Bank, Bank of Baroda, IDBI Bank and Canara Bank.
Other Latest News
.webp)
Former US National Security Adviser (NSA) Jon Bolton on Thursday said that President Donald Trump's relationship with Prime Minister Narendra Modi has "gone now." In a post on X, Bolton said, "Trump had a very strong relationship with Modi. I think that's gone now."
Bolton, who served as the NSA during Trump's first term, commented on the relationship between the two leaders during an interview with British media platform LBC News.
.webp)
Bank of Baroda has classified loan accounts of Reliance Communications Ltd (RCom) and its former promoter Anil Ambani as “fraud”, escalating troubles of the debt-laden telecom operator that has been under insolvency proceedings since 2019.
In an exchange filing on Thursday, RCom said it had received a communication dated September 2 from the state-owned lender.
.webp)
The cut in goods and services tax (GST) rates effective September 22 has set the stage for the foreign institutional flows to return to India, believe analysts. However, they would still be mindful of US tariffs’ impact, valuations and the tepid corporate earnings growth back home before they return to Indian shores with animal spirits, they said.
This week’s recast was the biggest overhaul in the GST tax regime since its introduction in 2017 and saw an overall reduction in taxes across consumption categories.
.webp)
Apple CEO Tim Cook on Thursday announced the opening of two new Apple stores in India, located in Bengaluru and Pune.
With this launch, Apple now has four official stores in the country. The first two were Apple BKC in Mumbai and Apple Saket in Delhi, followed by the newly announced Apple Hebbal in Bengaluru and Apple Koregaon Park in Pune.
.webp)
India has voiced regret over the Ukraine conflict's collateral consequences, including prices of fuel, saying countries of the Global South have been left to fend for themselves, as Delhi underscored that diplomatic efforts hold the promise to end the war and bring lasting peace.
India continues to remain concerned over the situation in Ukraine. We maintain that the loss of innocent lives is unacceptable, and no solution can be found on the battlefield, India's Permanent Representative to the UN, Ambassador Parvathaneni Harish, said Thursday.
.webp)
.webp)
.webp)
.webp)
.webp)
