JP Infratech, one of the country’s largest infrastructure companies, will soon be declared bankrupt. The Allahabad branch of the National Company Law Tribunal (NCLT), while hearing the petition of IDBI Bank, JP Infratech has been included in the category of bankrupt company. The NCLT will now give one of the 7 accounting companies to JPE Infratech after the declaration of bankruptcy and to evaluate its assets, which will go a long way in the possibility of repaying loans with the lenders to JP Infratech.
Financial Position of the Company will Improve within 270 Days: In the debt of Rs 8,365 crore, the company will now be given 270 days to improve its financial condition. In the meantime, if the financial condition of the company does not change, then its assets will be seized. This is a big setback for thousands of people who have invested in JP Group.
According to the NCLT order, the board of directors of the company will remain suspended. In addition, the NCLT will appoint an officer, who will examine JP’s finance in 270 days. These officers will be selected from 7 accounting companies. According to the news, the NCLT has clearly stated that if the circumstances of the JP Group do not change in 270 days, the property of JP Infratech will be auctioned. JP Infratech is one of the main big companies of Jaiprakash Associates. Jaiprakash Associates has a share of 71.64 per cent in this company.
8 Lakh 35 Crore Loan on the Company: Jaypee Group is about 8 thousand 365 crore debt, which is the most debt of IDBI Bank. According to the moneycontrol portal, the NCLT has passed this ruling only on the petition of IDBI Bank. The biggest hit of this decision lies on those who have purchased a property from JP Group and have not received delivery. According to sources, 32 thousand new houses in Noida, Greater Noida are building JP Builders, and the people who invest in such houses are trapped in the money.
Explain that JP Group is making 5 townships in Gautam Buddha Nagar, Aligarh, Agra. Thousands of these big projects are in place of home, paint houses, plots, schools. Jaypee Group is constructing thousands of flats at Greater Noida along the Yamuna Expressway. Jaypee Group has had the contract for construction of the Yamuna Expressway, which cost was 128.39 billion rupees. Apart from this, JP Builders has done all the major construction works including the racing track, cricket stadium, in Greater Noida.
It is worth mentioning that among the 12 companies which have been included in the insolvency code under the process of declaration of bankruptcy, among them the name of JP Infratech is included. Manoj Gaur is the owner of Jaiprakash Associates. The 12 companies which have been included in the insolvency code to declare bankruptcies include Monat Steel, Jyoti Structures, Electrosteel Steels, Amtek Group, Essar Steel, Bhushan Steel, Bhushan Power and Steel, JP Infratech, Lanco Infratech, ABG Shipyard, Alok Industries and Era Infra & Engineering are the names.