NCLT Approves Jaypee Infratech Insolvency Resolution Plan

The bankruptcy court approves the resolution plan submitted by Suraksha Reality and Lakshdeep Investments & Finance
NCLT Approves Jaypee Infratech Insolvency Resolution Plan

Jaypee Infratech Ltd. said India's National Company Law Tribunal (NCLT) approved the company’s resolution plan submitted by Suraksha Reality and Lakshdeep Investments & Finance Private Ltd.

The NCLT, which previously reserved its verdict, pronounced the order today, the bankrupt infrastructure developer said in a stock exchange announcement.

The tribunal also passed the order related to reconciliation of 750 crore rupees ($91.68 million) deposited by its parent Jaiprakash Associates Ltd. and interest thereon between Jaypee Infratech/its homebuyers and Jaiprakash Associates, it added.

Jaypee Infratech was undergoing insolvency resolution since 9 August 2017.

(Note: $1 = 81.8090 Indian rupees)

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