The Reserve Bank of India on Monday knocked on the doors of the Supreme Court (SC) with a plea to start insolvency proceedings against infrastructure major Jaiprakash Associates Ltd (JAL). The firm has been embroiled in a Rs 29,000 crore debt case. According to a report in Moneycontrol.com, more than 25,000 people who had bought homes constructed by Jaypee Infratech Ltd (JIL) have opposed the parent companys move as they fear that they might not get refunds.
Jaypee Infratech is a subsidiary company of JP Associates. The company has been asked to deposit Rs 2,000 crore with the registry of the apex court. The home buyers fear that once the insolvency proceedings begin, who will deposit the money in court and ref…
Read the full article at: http://www.firstpost.com/business/jaypee-infratech-debt-case-rbi-files-plea-in-sc-to-start-insolvency-proceedings-against-jp-associates-4294407.html
