NEW DELHI: Nearly four years after the Reserve Bank of India (RBI) ordered bankruptcy action against Jaiprakash Associates (JAL), the parent of Jaypee Infratech, banks led by ICICI Bank have been slow in pursuing the case in the National Company Law Tribunal, amid fresh attempts to restructure the company’s loans.
A loan restructuring, for which a meeting of lenders will be convened over the next few days, will provide relief to the promoters led by the Gaur family, which has lost Jaypee Infratech, its crown jewel that had a massive land bank, running from Noida to Agra along expressways. The proposal has been on the table for months but so far the lenders have failed to make much headway.
