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09 December, 2021 18:01 IST
SC orders JP Associates to return to return pledged land to Jaypee
Source: IRIS | 27 Feb, 2020, 06.12PM
Rating: NAN / 5 stars.
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The Supreme Court on Wednesday asked the company to return the 858-acre parcel to its subsidiary Jaypee Infratech, which is currently undergoing insolvency. The Supreme Court upheld the original order of NCLT Allahabad and quashed the National Company Appellate Law Tribunal (NCLAT) order, which had stayed the direction subsequently.

''...consequently, the order dated May 16, 2018 so passed by NCLT is upheld in regard to the findings that the transactions in question are preferential within the meaning of Section 43 of the Code,'' Justice Maheshwari, who wrote the judgement, said.

The banks, involved in the case, are Axis Bank, Standard Chartered, ICICI Bank, SBI, Bank of Maharashtra, United Bank of India, Central Bank of India', UCO Bank', Karur Vyasa Bank , L&T Infrastructure Finance Company, Canara Bank, Karnataka Bank, IFCI, Allahabad Bank, Jammu & Kashmir Bank and The South Indian Bank Ltd.

Banks have given loans to Jaiprakash Associates, JP Group's flagship firm against the land bank owned by Jaypee Infratech.

Shares of the company declined Rs 0.1, or 4.85%, to settle at Rs 1.96. The total volume of shares traded was 85,986 at the BSE (Thursday).

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