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News ICICI Bank calls for faster insolvency petition against Jaiprakash Associates

ICICI Bank calls for faster insolvency petition against Jaiprakash Associates

Written by Global Cement staff 20 June 2019
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India: ICICI Bank has asked the National Company Law Appellate Tribunal (NCLAT) to speed up an insolvency petition against Jaiprakash Associates. It said that there had been no progress on the plea since September 2019, according to the Hindu newspaper. The private bank alleges that the subsidiary of Jaypee Group has delayed the petition through adjournments of the process. It owes the bank around US$185m.

Jaiprakash Associates sold six integrated cement plants and five grinding plants to UltraTech Cement for US$2.5bn in 2017. It was reportedly in talks with LafargeHolcim’s subsidiary ACC in mid-2018 to sell its remaining cement business.

Last modified on 26 June 2019
Published in Global Cement News
Tagged under
  • India
  • ICICI Bank
  • Jaiprakash Associates
  • Debts
  • National Company Law Appellate Tribunal
  • Jaypee Group
  • GCW411
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