India's economy has completely weakened between the lockdown and the Corona crisis. PM Modi has announced a relief package to restore it. It is expected that the economy will gain momentum after the relief package. But this time will tell how strong the economy is. On the other hand, the Serious Fraud Investigation Office (SFIO) will investigate Jayaprakash Associates, the flagship firm of Jaypee Group, for alleged financial irregularities. This information has been revealed through a formula. The investigating agency comes under the Ministry of Corporate Affairs. The source said that the ministry has ordered an SFIO inquiry against Jayprakash Associates and Jaypee Infratech.
JP group involved in construction, cement, electricity, real estate, hotel and hospital businesses, due to default in loan repayment and delay in completion of housing projects in Noida and Greater Noida, over the years. Is facing The group has already sold several cement and power plants to reduce its debt.
Jaypee Infratech, a subsidiary of Jayaprakash Associates, went into an insolvency process in August 2017. In December last year, 13 banks and about 21,000 homebuyers in the Creditors' Committee (COC) approved the resolution plan of NBCC. The same, on 6 November 2019, the Supreme Court directed JP Infratech to complete the insolvency process within 90 days. In December, the COC approved the resolution plan of NBCC.
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