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SBI registers bankruptcy against Jaiprakash associates

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SBI registers bankruptcy against Jaiprakash associates

29.Sep.2022

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As we know, the SBI is the largest lender bank in India; it has taken the developer Jaiprakash Associates to the bankruptcy bank for failing on payment of a loan of Rs. 6893 Crore. This application for bankruptcy was filed on 19.SBI has suggested in their application to appoint Bhuvan Madan as the interim bankruptcy professional to the court. According to a statement, The firm Jaiprakash associates committed the blunder on payment to the lender to the tune of Rs 2897 crore on 28 February 2022. The firm has an overdue interest of Rs. 1544 crore and Rs. 1353 crore to SBI.

The company Jaiprakash has a total outstanding of Rs. 27000 crores to the lenders. Before the Allahabad bench of the NCLT in 2018, the ICICI lead lender had already filed a bankruptcy petition against the same firm. The lenders were trying to make the debt again outside IBC, but they couldn’t succeed yet.

In the list of bankruptcy accounts, the firm JP associate was on the second, which had been sent to the banks in 2017. The other company of the group is already undergoing NCLT proceedings.

Another real estate company that declared insolvency which is Supertech. The developer based in Delhi-NCR, which has many running projects in Ghaziabad, Greater Noida, Noida, and Gurugram, went into insolvency after the bench of NCLT in Delhi admitted the petition filed by UBI(union bank of India) for the due amount of Rs. 431,92,53,302, which is not paid as on 31 January. 2021.

This order can affect the homebuyers of over 25000 who kept waiting for possession of their property booked with the company for many years. Still, Supertech claims to deliver 27,111 homes out of 38,041 customers. The tribunal reserved its instruction in the case in march 2022; after this, Supertech proposed a one-time payment settlement which got a rejection by the bank, and arguments were heard.

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