On 16 May, the apex court directed Jaiprakash Associates to deposit Rs1,000 crore with its registry by 15 June to avert the liquidation of Jaypee Infratech. The land, which belongs to Jaypee Infratech, was mortgaged to a consortium of banks led by ICICI Bank by Jaiprakash Associates for a loan. Mukhopadhyay issued notice to the resolution professional for Jaypee Infratech, which is currently undergoing insolvency resolution. Jaypee Infratech is among the 12 companies against whom the Reserve Bank of India, through its directive, asked banks to file insolvency petitions. On 16 May, the apex court directed Jaiprakash Associates to deposit Rs1,000 crore with its registry by 15 June to avert the liquidation of Jaypee Infratech.

Source: Mint May 31, 2018 11:15 UTC