SBI files 'insolvency petition' against Jaiprakash Associates in NCLT

JAL is involved in cement manufacturing, engineering and construction, expressways, real estate, hospitalities, wind/thermal power plants at various locations all over India.

The State Bank of India (SBI) filed a corporate insolvency petition against construction firm Jaiprakash Associates Limited (JAL) for a debt default of Rs 6,892.48 crore the Business Line reported. 

JAL (incorporated in 1995) was formed in 2004 through the amalgamation of Jaiprakash Industries with Jaypee Cement.

JAL is involved in cement manufacturing, engineering and construction, expressways, real estate, hospitalities, and wind/thermal power plants all over India.

The lender filed the petition before the Allahabad Bench of the National Company Law Tribunal (NCLT) on September 20. 

December 10, 2015, is notified as the date of debt default by the National