Insolvency proceedings News
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Several large real estate companies, notably Jaypee Infratech and Mumbai-based HDIL, are facing insolvency proceedings.
Yogi Adityanath government has taken cognisance of the insolvency of a number of well-known real estate developers in Uttar Pradesh.
Taking note of the situation, the government has agreed to form a high-level investigation group to defend the interests of home buyers.
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Meanwhile, many real estate companies are facing insolvency proceedings including Jaypee Infratech and Mumbai-based HDIL.
Amrapali group and Unitech group have also defaulted in delivering many projects, particularly in Delhi-NCR, affecting thousands of homebuyers.
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On February 12, Rajputana Properties had filed a resolution plan for Binani Cement under the Insolvency and Bankruptcy Code (IBC).
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The sharp rise in the stock came amid reports that the National Company Law Tribunal (NCLT) adjourned the hearing of insolvency petitions filed against Reliance Communications to early next month.
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Finance Minister Arun Jaitley on Thursday put private sector debtors on notice saying they will have to pay their dues to banks or allow somebody else to step in and take control of the business.
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The government was expected to quickly hold a Cabinet meeting to decide about taking on the banks' deteriorated assets, a cost estimated at some 8 million-10 million euros (nearly USD 9 million-USD 11 million).
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