ICICI Bank files insolvency plea against Jaiprakash Associates
Leading private sector lender 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 reply by September 17.
If NCLT allows the plea of the ICICI bank, then this will be the second company of the crisis hit Jaypee group facing insolvency.
“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,” said NCLT in its order Monday.
The tribunal has directed to list the matter on September 17 for next hearing.