 "Insolvency case: Jaypee Infra must respond to petition by Aug 4, says NCLT")
The National Company Law Tribunal (NCLT) on Thursday gave Jaypee Infratech time till August 4 to respond to a petition of insolvency filed by IDBI Bank after the company said it did not receive a notice from the tribunal on beginning the proceedings.
IDBI Bank filed a petition for insolvency against Jaypee Infratech in the NCLT, Allahabad, last month. The company owes IDBI Bank Rs 4,000 crore. Its total dues to all banks are Rs 9,365 crore.
Jaypee Infratech is one of 12 cases the Reserve Bank of India (RBI) has recommended for referral to the NCLT for insolvency proceedings.
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