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ICICI Bank Files Insolvency Plea Against JP Associates

An insolvency petition has been filed before the National Company Law Tribunal (NCLT) by ICICI Bank against Jaiprakash Associates.

The Allahabad bench of NCLT on September 10th, 2018 has asked the ICICI Bank to serve notice to its corporate debtor Jaiprakash Associates within three days and directed the Jaypee Group to file a reply by September 17, 2018.

“Financial creditor is directed to serve notice on the corporate debtor and file an affidavit of service within three days. Reply, if any, may be filed within seven days,” said NCLT in its order.

The NCLT has directed to list the matter for next hearing on September 17th, 2018.

If NCLT allows the plea of the ICICI Bank, then this will be the second company of the Jaypee Group to be facing insolvency.


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