Tri­bunal Ad­mits IDBI Plea Against Jaypee In­frat­ech

The Economic Times - - Companies: Pursuit Of Profit - Press Trust of In­dia

New Delhi The Na­tional Com­pany Law Tri­bunal has ad­mit­ted the in­sol­vency pe­ti­tion filed by IDBI Bank against debt-rid­den Jaypee In­frat­ech. The Al­la­habad bench of NCLT has ad­mit­ted the pe­ti­tion filed by IDBI Bank un­der Sec­tion 7 of In­sol­vency and Bank­ruptcy Code 2016, Jaypee In­frat­ech said in a reg­u­la­tory fil­ing. “Con­se­quent upon with­drawal of ob­jec­tions filed by the com­pany, NCLT, Al­la­habad Bench has on Au­gust 9 pro­nounced oper­at­ing por­tion of its or­der ad­mit­ting the pe­ti­tion of IDBI Bank filed un­der Sec­tion 7 of In­sol­vency and Bank­ruptcy Code 2016 and ap­point­ing In­terim Res­o­lu­tion Pro­fes­sional,” it said.

Jaypee In­frat­ech is into road and real es­tate sec­tors.

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