Insolvency case: Jaypee Infra must respond to petition by Aug 4, says NCLT

Insolvency.jpg

The National Company Law Tribunal (NCLT) on Thursday gave Jaypee Infratech time till August 4 to respond to a petition of insolvency filed by IDBI Bank after the company said it did not receive a notice from the tribunal on beginning the proceedings.

IDBI Bank filed a petition for insolvency against Jaypee Infratech in the NCLT, Allahabad, last month. The company owes IDBI Bank Rs 4,000 crore. Its total dues to all banks are Rs 9,365 crore.

Jaypee Infratech is one of 12 cases the Reserve Bank of India (RBI) has recommended for referral to the NCLT for insolvency proceedings.

If the NCLT admits a petition on insolvency, the board of the company concerned is suspended and an interim resolution professional is given 180 days to turn the company around. If that does not happen even after an extension of 90 days, the company's assets are to be liquidated.

Jaypee Infratech was one of the accounts the RBI recommended for debt restructuring under the Sustainable Structuring of Stressed Assets (S4A) in 2016. Lending banks have ordered a forensic audit to ensure that loans provided to Jaypee Infratech are being used for the purpose they were sought.

Earlier this year, Jaypee Infratech sold its cement and power assets. Read More Financial News


Comments

Post a Comment

Popular posts from this blog

Infinix Smart 2 review: 'Value for money' smartphone with tall 18:9 screen

Image
Transsion Holdings, a Hong Kong-based smartphone company, is one of the top five leading mobile phone manufacturer in India, according to recent report by IDC. The company is known for Infinix, Tecno, itel and Spice branded smartphones. It operates in affordable entry level and midrange segment. Under its premium Infinix brand, the company recently launched the Infinix Smart 2 , an entry-level budget smartphone with 18:9 aspect ratio screen and a large 3,050 mAh battery. Priced at Rs 5,999 for the base model, the Infinix Smart 2 is a feature-rich proposition in entry-level budget smartphone segment. It is targeted to consumers moving from feature phones to smartphones. The Android-based smartphone features dualSIM slots and 4G VoLTE-capabilities. Interestingly, the phone comes in two RAM and storage configurations – 2GB/16GB and 3GB/32GB. The premium 3GB RAM variant is priced at Rs 6,999. In terms of design, the Infinix Smart 2 offers no-frill design with a removable plas
Read more

Year in review: From OnePlus to Asus, best midrange flagship phones of 2019

Image
Best flagship smartphones 2019 : Affordable flagship smartphones are value-for-money products that offer top-notch specifications and features for a midrange price. In the past couple of years, this segment has been dominated by Chinese smartphone brand OnePlus. In 2019, however, other smartphone brands also got a toehold in this space with products that boasted specifications and features otherwise found only in premium smartphones. Here are top five affordable flagship smartphones (priced under Rs 40,000) that were launched in 2019: Asus ROG Phone II Asus ROG Phone 2Primarily a gaming-centric smartphone, the ROG Phone II from the stable of Taiwanese electronics maker Asus is an all-round smartphone offering the best of flagships at an affordable price. From an AMOLED screen with a high refresh rate to stereo speakers and high-capacity battery, this smartphone exceeds expectations and gives the best value for money in the midrange flagship segment. If there is any phone
Read more

OnePlus 8 review: Meaningful innovations elevate experience, justify price

Image
Smartphone makers now bring at least two models of each of their premium smartphones – one that maxes out on everything to show the maker’s innovation competence, and second that does not compromise on flagship specifications and features but cuts corners on some lesser features to keep the price low and reach the masses. The  OnePlus  8 belongs to the latter category of premium smartphones. A successor to the  OnePlus  7T, the  OnePlus  8 brings seasonal upgrades like Qualcomm’s flagship Snapdragon 865 system-on-chip, big-capacity battery, new design and a screen with a punch hole for front camera. However, the company has downgraded the rear camera set-up of the OnePlus 7T by taking away the 2x optical zoom telephoto sensor. So, where does the OnePlus 8 in 2020 with all its upgrades, and a downgrade? Let’s find out: Design The OnePlus 8 has a minimalistic design and premium build. It retains the glass-metal sandwich design of its predecessor but brings new co
Read more