Economy

Govt sets March deadline to resolve Jaypee Infratech insolvency case, among others: report

Updated : January 29, 2019 09:27 AM IST

According to the report, the 12 high-value insolvency cases owed about Rs 2.5 lakh crore to banks and are yet to be sorted out even after 18 months, way above the 270-day deadline in the law.

Jaypee Infratech case is in focus as there is a massive public interest in the company, which is yet to deliver 20,000 apartments, villas and plots to homebuyers.

The government has set a March deadline for bankers and resolution professionals to resolve nine out of the 12 insolvency cases, with Essar Steel and Jaypee Infratech cases identified for special focus, The Times of India reported.

According to the report, the 12 high-value insolvency cases owed about Rs 2.5 lakh crore to banks and are yet to be sorted out even after 18 months, way above the 270-day deadline in the law.

Jaypee Infratech case is in focus as there is a massive public interest in the company, which is yet to deliver 20,000 apartments, villas and plots to homebuyers. The homebuyers have also sought legal remedies for the same.

Bankers, told the newspaper, said a resolution in Jaypee over the next 60 days may be difficult as the entire process resumed in August.

Govt sets March deadline to resolve Jaypee Infratech insolvency case, among others: report

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