Two fixed deposit holders take Jaiprakash Associates to NCLT
Two fixed deposit (FD) holders have filed insolvency proceedings against Jaiprakash Associates Limited (JAL) in the National Company Law Tribunal (NCLT) in Allahabad.
One of them has a deposit of ~56,000 and the other has that of ~64,000 for three years. In response to Business
Standard’s query sent to Manoj Gaur, executive chairman, JAL, the company stated that it has received a copy of the application addressed to the tribunal in Allahabad. The company, however, denied receiving any notice from the NCLT.
“Since the application served upon us does not bear any number, we are not aware whether the same has been filed or not as yet, what to talk of acceptance/admission thereof by the Hon’ble NCLT,” said a spokesperson of JAL.
He also said, “We strongly feel that such baseless and frivolous repaid its outstanding to over applications are not maintainable 85,000 FD holders. It paid ~1,275 and deserve to be dismissed crore to these holders. And also with heavy cost.” initiated payments to the tune
The emailed reply also said of ~13,000 crore to lenders. that cheques were sent to both JAL reported a standalone the deposit holders along with net profit of ~765 crore in the the interest payable, but they quarter ended June, on higher went undelivered. income and lower expenses,
In July this year, the company against a loss of ~603 crore, in the corresponding quarter of the previous year.
The company, which has verticals in cement, real estate, power and hospitality, also approved a proposal for raising of funds up to ~2,000 crore through equity-related instruments for meeting capital expenditure, reduction of debt, general corporate purposes and working capital requirements for its businesses.
This year in June, the company shed the title of a nonperforming asset after the sale of its cement business. Jaiprakash Associates sold six integrated cement plants and five grinding units of Jaypee Cement with a total capacity of 21.2 million tonne to Aditya Birla-promoted UltraTech at a value of ~16,189 crore.
According to the deal, operating cement plants in Himachal Pradesh, Andhra Pradesh, Madhya Pradesh, Uttar Pradesh and Uttarakhand were sold for a consideration of ~16,189 crore.