Jaiprakash Associates, the flagship firm of the embattled Jaypee Group, is grappling with insolvency proceedings with an outstanding loan tallying Rs 55,525.89 crore as of November 10, 2024, a recent regulatory filing revealed.
The company has entered the corporate insolvency resolution process in accordance with the Insolvency and Bankruptcy Code, following an order issued by the National Company Law Tribunal’s Allahabad Bench on June 3, 2024. Bhuvan Madan has been appointed as the Resolution Professional to oversee the procedure.
Despite efforts over recent years to alleviate financial pressures by selling cement plants, Jaiprakash Associates has fallen into bankruptcy due to failure to repay debts. The conglomerate’s…
