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Setback for banks as SC orders Jaypraksah Associates to return pledged land to JIL

Updated : February 26, 2020 09:39 PM IST

The top court, while deciding a batch of appeals filed by Interim Resolution Professional of JIL and others, set aside the decision of the National Company Law Appellate Tribunal passed on August 1, last year.
The Allahabad bench of the NCLT had asked the holding firm JAL to return 758 acres of land to its subsidiary JIL, declaring the transfer of the land as "fraudulent" and "undervalued".
The bench said that the mortgage of properties of JIL in favour of the lenders of JAL are "denuded of their value and worth" by the order of the NCLT which has been approved by us.
Setback for banks as SC orders Jaypraksah Associates to return pledged land to JIL

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