Jaiprakash Associates Insolvency: 31 Creditors Claim Nearly Rs 53,000 Crore
The National Company Law Appellate Tribunal will hear the matter on July 3.
Thirty-one financial creditors of Jaiprakash Associates Ltd. have claimed nearly Rs 53,000 crore against the debt-ridden conglomerate after it proposed a one-time settlement. Major creditors include State Bank of India, ICICI Bank Ltd., IDBI Bank Ltd. and Life Insurance Corp.
Jaiprakash Associates has proposed to pay Rs 200 crore upfront under an one-time settlement route, with an assurance to settle Rs 16,000 crore over the next 18 weeks.
Creditors, including homebuyers, have admitted claims to the tune of Rs 51,914 crore against the company. Of this, claims worth Rs 52,824 crore have been admitted . Home buyers submitted claims worth Rs 2,630 crore, according to an exchange filing on Friday.
The company is currently embroiled in insolvency proceedings. The matter will be heard by the National Company Law Appellate Tribunal on July 3. Sunil Kumar Sharma, a suspended board member of Jaiprakash Associates who has filed this appeal, submitted that the company had a plan to address its debts earlier.
