Diabytes
Jaypee Group News
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The top court directed NBCC to submit the salient features of the revised plan in a sealed cover at the next date of hearing.
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The Supreme Court asked the National Buildings Construction Corporation's (NBCC) whether it was willing to give a revised proposal to complete the stalled projects of Jaypee Group.
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On August 2, the Supreme Court ordered status quo for two weeks on Jaypee Group's plea against NCLAT's order after it was informed that Parliament had passed the proposed amendments in the Insolvency and Bankruptcy Code.
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State-owned NBCC, Kotak Investment, Singapore-based Cube Highways and Suraksha group have been shortlisted as bidders for debt-laden Jaypee Infratech.
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A bench headed by Chief Justice Dipak Misra said the limitation period of 180 days to conclude the insolvency proceedings will commence from today.
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Embattled realty firm Jaiprakash Associate Limited (JAL) on Friday deposited Rs 150 crore in the Supreme Court to safeguard the interests of hassled home buyers. JAL has deposited Rs 425 crore with the apex court registry so far
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Jaypee Associates told the apex court that it has an offer worth Rs 2,500 crore and sought permission to give the project to another party.
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CK Birla Group firm Orient Cement Ltd on Wednesday said it would acquire two entities, Bhilai Jaypee Cement and Nigrie Cement Grinding Unit, from Jaypee group firms for a total consideration of Rs 1,946 crore.
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Banks plan to take control of indebted infrastructure company Jaiprakash Associates Ltd by swapping part of its loans for equity, two banking sources with direct knowledge of the matter said on Friday.
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Reflecting substantial financial stress, diversified Jaypee Group companies have defaulted on loans and other payments worth Rs 4,460 crore.
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Jaypee Group, a heavily indebted infrastructure conglomerate, said on Saturday that no bank had approached it about classifying its loans as non-performing amid government pressure on lenders to rein in large money-losing borrowers.
The shares of Jaiprakash Associates closed at Rs 13.05 a piece on BSE, down 20.67 percent.
Shares of Reliance Power on Monday gained over 4 percent after the Anil Ambani Group firm signed an initial agreement to acquire all the three hydroelectric power plants of Jaiprakash Associates.
Anil Ambani Group firm Reliance Power Sunday said it has signed an initial agreement to acquire all the three hydroelectric power plants of Jaiprakash Associates Ltd.
Adani Group is in talks with diversified Jaypee Group for acquiring some of its hydro projects in a deal worth over Rs 11,000 crore.
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