Jaiprakash Associates, Jaypee Infra shares plunge up to 5% after SC ruling
Shares of Jaiprakash Associates and Jaypee Infratech plunged up to 5 per cent today after the Supreme Court asked the National Company Law Tribunal, Allahabad, to deal with insolvency proceedings against the group.
In a setback to the Jaypee group, the Supreme Court today asked the NCLT, Allahabad, to deal with insolvency proceedings against Jaypee Infratech Ltd (JIL) and barred the group or its promoters from participating in the fresh bidding process.
A bench headed by Chief Justice Dipak Misra said the limitation period of 180 days to conclude the insolvency proceedings will commence from today.
The top court also allowed the Reserve Bank of India (RBI) to direct the banks to initiate separate insolvency proceedings against JIL's holding company Jaiprakash Associate Limited (JAL).(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)