Jaypee Infratech s IRP files application before SC; seeks deadline extension till July 7
State-owned NBCC and Suraksha group are in the fray to acquire the debt-laden realty firm Jaypee Infratech Ltd (JIL) and complete over 20,000 pending flats for homebuyers
PTI | June 10, 2021 | Updated 10:34 IST
Jaypee Infratech s Interim Resolution Professional (IRP) Anuj Jain has filed an application before the Supreme Court seeking extension of timeline for completion of its resolution process till the first week of July.
State-owned NBCC and Suraksha group are in the fray to acquire the debt-laden realty firm Jaypee Infratech Ltd (JIL) and complete over 20,000 pending flats for homebuyers. The 45 days time granted by the Supreme Court to complete the Corporate Insolvency Resolution Process (CIRP) expired on May 8.
NCLT adjourns Rel Infratel matter to July 5
By IANS |
0 Views
NCLT adjourns Rel Infratel matter to July 5. Image Source: IANS News
Mumbai/Delhi, June 10 : The National Company Law Tribunal (NCLT) on Thursday adjourned the much-awaited Reliance Infratel Ltd fraud tag matter to July 5, asking the State Bank of India (SBI) to gather and produce more pleadings, submissions and evidences on that day.
This comes after the SBI curiously chose to withdraw the fraud tag against RCom s tower and fibre company Reliance Infratel Ltd.
Reliance Projects and Property Management Services, a part of Reliance Industries Group, was the successful resolution partner in the CIRP (Corporate Insolvency Resolution Process) of Reliance Infratel Ltd. It won the right to acquire 100 per cent shareholding of Reliance Infratel Ltd.
Creditors to vote on NBCC s, Suraksha s final offers for bankrupt Jaypee Infratech
SECTIONS
Last Updated: Jun 10, 2021, 07:57 PM IST
Share
Synopsis
According to sources, the CoC, which includes members of 13 banks and a representative of over 20,000 homebuyers, decided to put to vote the resolution plans of both the parties.
ThinkStock Photos
Jaypee Infratech s financial creditors on Thursday decided to put the bids of NBCC and Suraksha group to vote after both parties submitted final offers for the debt-laden company. The winning bidder will acquire
Jaypee Infratech Ltd (JIL), which went into insolvency nearly four years ago, as well as complete more than 20,000 pending flats across various projects in Delhi-NCR.
NCLT to hear SBI’s plea to withdraw Reliance Infratel’s fraud tag on July 5
June 10, 2021
The tribunal had sought SBI to produce further evidence and data. The National Company Law Tribunal’s (NCLT) Mumbai bench will hear State Bank of India’s request to withdraw a “fraudulent” tag it sought for Reliance Infratel Ltd (RITL) on July 5.
On the next hearing date, the tribunal has also asked the country’s largest lender to produce further evidence and data.
In a volte-face, the country’s largest lender on Wednesday moved the tribunal seeking to withdraw the fraud tag on RITL, following an internal forensic audit by SBI that allegedly found questionable transactions worth ₹5,500 crore. The alleged transactions were found in the accounts of three Anil Ambani three firms - Reliance Communications and its subsidiaries Reliance Telecom and RITL.
Read more about Reliance Power to seek board nod to raise funds via equity issuance on Business Standard. Move follows Reliance Infra board approval of Rs 550 cr fund-raising plan on Sunday