The case involves an application filed by the Resolution Professional of Jaypee Infratech Ltd. (JIL) under sections 43, 45, 60(5)(a), and 66 of the Insolvency and Bankruptcy Code, 2016, seeking directions regarding certain transactions. The Resolution Professional contends that the transactions, specifically the creation of mortgages of 858 acres of JIL's immovable property to secure the debt of its related party, Jaiprakash Associates Ltd. (JAL), are fraudulent and preferential. The application seeks to declare these transactions as preferential under section 43 of the Code and to direct the Directors and promoters of JIL to contribute to the assets of the Corporate Debtor. The petitioner argues that these transactions were carried out when JIL was facing financial
…Jaypee Infratech Limited (JIL), a special-purpose company promoted by Jaiprakash Associates Ltd. (JAL), was involved in the design, engineering, and construction of the Yamuna Expressway. JIL was granted rights to develop 25 million square meters of land along the expressway. JIL launched various projects in Noida, Mirzapur, and Agra, selling 32,962 units and collecting ₹13,569 crores from flat buyers by August 13, 2017. Project completion in Noida was scheduled for 2013-2014, but completion ranged from 17% to 80%. JIL faced financial stress, failing to meet project completion deadlines and deliver flats to homebuyers. As of August 9, 2017, JIL had an outstanding liability of ₹132 crores to 7451 Retail Fixed Deposit Holders. JIL's account was declared a Non-Performing
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Life Insurance…
Other lenders declared…
The case involves an application filed by the Resolution Professional of Jaypee Infratech Ltd. (JIL) under sections 43, 45, 60(5)(a), and 66 of the Insolvency and Bankruptcy Code, 2016, seeking directions regarding certain transactions. The Resolution Professional contends that the transactions, specifically the creation of mortgages of 858 acres of JIL's immovable property to secure the debt of its related party, Jaiprakash Associates Ltd. (JAL), are fraudulent and preferential. The application seeks to declare these transactions as preferential under section 43 of the Code and to direct the Directors and promoters of JIL to contribute to the assets of the Corporate Debtor. The petitioner argues that these transactions were carried out when JIL was facing financial
…Jaypee Infratech Limited (JIL), a special-purpose company promoted by Jaiprakash Associates Ltd. (JAL), was involved in the design, engineering, and construction of the Yamuna Expressway. JIL was granted rights to develop 25 million square meters of land along the expressway. JIL launched various projects in Noida, Mirzapur, and Agra, selling 32,962 units and collecting ₹13,569 crores from flat buyers by August 13, 2017. Project completion in Noida was scheduled for 2013-2014, but completion ranged from 17% to 80%. JIL faced financial stress, failing to meet project completion deadlines and deliver flats to homebuyers. As of August 9, 2017, JIL had an outstanding liability of ₹132 crores to 7451 Retail Fixed Deposit Holders. JIL's account was declared a Non-Performing
…Life Insurance…
Other lenders declared…