Jaypee Infratech group which is considered as one of the country’s largest builders has been reportedly declared as bankrupt by the National Company Law Tribunal (NCLT).
It was reported that Allahabad Bench of the National Company Law Tribunal (NCLT) has declared the real-estate company under the category of bankrupt companies.
It was discovered that the company is going through the debt of around Rs 8,000 crore.
The company has been given 270 days to improve its financial condition if the company fails on this ground all the property will be reportedly seized.
Although, more than 32 thousand flats were under construction in Noida and Greater Noida.
The Bench said in its statement, “Consequent upon withdrawal of objections filed by the company, NCLT, Allahabad Bench has on August 9 pronounced operating portion of its order admitting the petition of IDBI Bank Ltd BSE -2.23 % filed under Section 7 of Insolvency and Bankruptcy Code 2016 and appointing Interim Resolution Professional”.
The sources said that the Jaypee group has started selling its assets to reduce their debt.