LIVE TV DownloadNews18 App
News18 English
»
1-min read

NCLAT Admits Banks' Petition Over Jaypee Land

A two-member bench headed by Chairman Justice S J Mukhopadhaya also issued notices to the resolution professional (RP) of the company over the petition filed by three lenders -- Axis Bank, Standard Chartered Bank and ICICI Bank.

PTI

Updated:May 24, 2018, 1:56 PM IST
facebookTwittergoogleskypewhatsapp
NCLAT Admits Banks' Petition Over Jaypee Land
Representative image (Reuters)
Loading...
New Delhi: The National Company Law Appellate Tribunal today admitted a petition filed by banks against the NCLT order which had directed Jaiprakash Associates to return nearly 760 acres of land to its subsidiary Jaypee Infratech.

A two-member bench headed by Chairman Justice S J Mukhopadhaya also issued notices to the resolution professional (RP) of the company over the petition filed by three lenders -- Axis Bank, Standard Chartered Bank and ICICI Bank.

The bench fixed July 13 as the next date of hearing.

During the proceedings, the appellate tribunal observed that the adjudicating authority (NCLT) does not have jurisdiction to declare any instrument illegal.

NCLAT was hearing the appeal over the order of the Allahabad bench of the National Company Law Tribunal (NCLT), which had asked debt-ridden Jaiprakash Associates Ltd to return nearly 760 acres of land to its subsidiary Jaypee Infratech, declaring the transfer of the land as "fraudulent" and "undervalued".

NCLAT had directed JP Group's flagship firm Jaiprakash Associates Ltd (JAL) to release and discharge interest created over the land to lenders including ICICI Bank.

The order had come on a petition filed by Jaypee Infratech's resolution professional (RP) Anuj Jain in the NCLT seeking direction over transactions entered into by the company's promoters creating mortgage on 858 acres of land to secure debt for JAL.
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
HDFC Bank 2,276.15 -0.99
Reliance 1,341.75 -2.45
Maruti Suzuki 6,552.70 -1.81
Yes Bank 252.60 0.18
Axis Bank 757.05 0.17
Company Price Change %Gain
UPL 934.95 0.02
Axis Bank 757.35 0.24
Cipla 526.85 -1.17
Motherson Sumi 146.05 -7.06
SpiceJet 98.10 7.04
Top Gainers
Company Price Change %Gain
NTPC 134.65 4.18
Larsen 1,394.70 1.74
JSW Steel 285.75 1.22
Asian Paints 1,471.25 1.04
Hindalco 209.10 0.94
Company Price Change %Gain
NTPC 134.05 3.67
Larsen 1,394.00 1.54
Asian Paints 1,470.70 1.08
Tata Steel 518.15 0.90
Power Grid Corp 198.50 0.53
Top Losers
Company Price Change %Gain
Bharti Infratel 316.10 -2.75
Tata Motors 175.40 -2.66
BPCL 378.95 -2.62
HPCL 268.35 -2.45
Reliance 1,341.75 -2.45
Company Price Change %Gain
Tata Motors 175.40 -2.47
Reliance 1,342.10 -2.44
Maruti Suzuki 6,558.00 -1.84
SBI 298.10 -1.76
Bajaj Finance 2,836.85 -1.23

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results