NCLAT sets aside order directing Jaiprakash Associates to return land worth Rs 5,900 to Jaypee Infratech

Aditi Singh August 2 2019

The NCLAT has set aside an order passed by the NCLT which directed Jaiprakash Associates Ltd (JAL) to return land worth around Rs 5,900 to its subsidiary, Jaypee Infratech Ltd (JIL) which is undergoing corporate insolvency resolution.

The 858 acres of land belonged to JIL but was mortgaged to a consortium of banks which included ICICI Bank, Axis Bank, Standard Chartered Bank, SBI and others against a  loan advanced to JAL. The Allahabad Bench of the NCLT had earlier passed an order holding that the mortgages created by . . .

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