ICICI Bank has filed insolvency petition against Jaiprakash Associates before the National Company Law Tribunal (NCLT). The Allahabad bench of NCLT has asked ICICI bank to serve notice to its corporate debtor Jaiprakash Associates within three days and directed Jaypee group firm to file the reply by September 17.

If NCLT allows the plea of the leading private sector lender, then this will be the second company of the crisis hit Jaypee group facing insolvency. The order served by the NCLT said, “Financial creditor is directed to serve notice on the corporate debtor and file affidavit of service within three days. Reply, if any, may be filed within seven days.”

Jaiprakash Associates while addressing the development, informed the exchanges, “The Company has been given time to file its reply within seven days and the matter is listed for September 17, 2018.” While The Supreme Court had earlier ordered to restart the corporate insolvency resolution process against Jaypee Infratech.

Jaiprakash Associates is a flagship diversified infrastructure company of debt-ridden Jaypee Group, engaged in engineering, construction, manufacture & marketing of cement, hospitality and sports management. The total debt of the Jaypee group once stood at over Rs 70,000 crores and the same has now come down below Rs 30,000 crores after the group had sold its cement and other businesses.

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