SFIO to probe Jaiprakash Associates, Jaypee Infratech for financial irregularities

NEW DELHI: The Serious Fraud Investigation Office (SFIO) will probe Jaypee group’s flagship agency Jaiprakash Associates and bankruptcy-bound Jaypee Infratech for alleged monetary irregularities, in line with a supply.

The probe company comes beneath the company affairs ministry.

The supply stated the ministry has ordered an SFIO probe in opposition to Jaiprakash Associates and Jaypee Infratech.

Jaypee group, which is into development, cement, energy, actual property, resort and hospital companies, has been going through disaster in the previous couple of years as a result of defaults in debt repayments and big delays in completion of housing tasks in Noida and Greater Noida.

The group has already offered many cement and energy crops to scale back its debt.

Jaypee Infratech, which is a subsidiary of Jaiprakash Associates, went into an insolvency course of in August 2017. In December final 12 months, the Committee of Creditors (CoC) comprising 13 banks and round 21,000 homebuyers authorized the decision plan of NBCC.

On November 6, 2019, the Supreme Court directed completion of Jaypee Infratech’s insolvency course of inside 90 days. In December, the CoC authorized NBCC’s decision plan.