Most of Jaypee Infra’s lenders assign their loans to NARCL

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Debt resolution process is underway against Jaypee Infratech Limited (JIL) under the Insolvency and Bankruptcy Code (IBC) for failing to repay loans. The decision on the approval of the debt resolution plan of the company has been reserved before the Delhi Bench of the National Company Law Tribunal.

New Delhi. Facing insolvency process, Jaypee Infratech on Tuesday said all its lenders, except ICICI Bank, have assigned their loans to National Asset Reconstruction Company Limited (NARCL). Debt resolution process is underway against Jaypee Infratech Limited (JIL) under the Insolvency and Bankruptcy Code (IBC) for failing to repay loans. The decision on the approval of the debt resolution plan of the company has been reserved before the Delhi Bench of the National Company Law Tribunal.

The company said in a communication to the stock market that IDBI Bank, as a representative of its consortium of lenders, has informed that all lenders, except ICICI Bank, have assigned their loans to NARCL. These creditors have presented a claim of Rs 9,783 crore. Insolvency proceedings against JIL have been initiated on the application of this tie-up.

Disclaimer:Prabhasakshi has not edited this news. This news has been published from PTI-language feed.



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