Jaypee Cement

NCLT orders proceedings against Bhilai Jaypee Cement over ₹45 cr default

The National Company Law Tribunal (NCLT) has directed for initiation of insolvency proceedings against Bhilai Jaypee Cement, a subsidiary of debt-ridden group Jaiprakash Associates Limited, for a default of Rs 45 crore. The direction of Cuttack bench of NCLT came after it admitted a plea filed by the company's operational creditor Sidhgiri Holdings Pvt Ltd, to which Bhilai Jaypee Cement owed Rs 45 crore against supply of coal. A two-member NCLT bench also appointed an interim resolution professional (IRP), suspending the board of the company and putting it under the protection of moratorium against encumbrance of assets through sale, civil suits etc, as per the provisions of the Insolvency & Bankruptcy Code (IBC). "We are inclined to hold that there exists an outstanding operational debt, a default and accordingly the present Application... under Section 9 of the Code read with Rule 6 of Insolvency & Bankruptcy Rules, 2O16 for initiating CIRP of Bhilai Jaypee Cement is ...

NCLAT upholds insolvency order against Jaypee Cement, dismisses appeal

The National Company Law Appellate Tribunal confirms insolvency proceedings against Jaypee Cement Corporation Ltd, rejecting appeal and reinforcing earlier tribunal ruling on debt defaults

Adani Group eyes Jaypee Group's cement assets amid insolvency proceedings

Adani Group's cement arm, which includes ACC and Ambuja Cement holding, is India's second-largest cement producer

Dalmia's deal to buy Jaypee Cement assets lingers with arbitration

The deal, since inception, has been riddled with concerns, which possibly prompted Dalmia Cement to execute it in three parts

Dalmia, Sagar Cements in race to buy debt-ridden Andhra Cements

Jaypee-owned firm undergoing bankruptcy process

Adani to buy Jaypee cement units; JSW buys India Cements' MP unit

Adani aims to become India's top cement company by 2030; rival Ultratech stepping up capacity

Government cancels Jaypee Cement's coal block in Madhya Pradesh's Mandla

Citing breach of agreement, the coal ministry has cancelled the rights of Jaypee Cement Corporation (JCCL) from digging out fuel from its captive coal block in Mandla in Madhya Pradesh.In a letter sent from the ministry to the company, it has been stated that the company has flouted several clauses of the Coal Mine Development and Production Agreement (CMDPA) and is "not serious about the development of the coal mine".As a result of the decision, the Rs. 640.9 million performance security and other payments so far made by JCCL stands appropriated. The 13.35 million tonne (mt) Mandla coal mine was allotted to JCCL in March 2015 after the company emerged as the successful bidder for the block. Its bid stood at Rs. 1,852 a tonne.The produce from this mine fed JCCL's 3.65 mt Balaji cement plant in Andhra Pradesh and also catered to captive thermal power requirements of the plant. As per the letter, the total coal entitlement for these plants stood at 34.4 million tonne.In June 2017, ...