Supreme Court stays NCLT proceeding against Jaypee Infratech; shares recover




NCLT had earlier admitted the plea of public lender IDBI Bank relating to default of Rs 526 crore loan by Jaypee Infratech. NSEBSEJaypee InfratechLoading data…

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      ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIES Shares of real estate player Jaypee Infratech recovered from major intraday losses after reports said that Supreme Court has stayed insolvency proceedings against the company.

      After plunging as much as 4.80 per cent intraday, shares of Jaypee Infratech were trading 1.70 per cent up at Rs 17.95 around 1 pm (IST). Shares of the company opened at Rs 18.50 and touched a high and low of Rs 18.50 and Rs 16.80, respectively, in trade so far. Benchmark BSE Sensex was down 231 points, or 0.72 per cent, at 31,661.20 at around the same time.

      In a big relief for Jaypee homebuyers, the Supreme Court has stayed the National Company Law Tribunal (NCLT) proceedings against the builder.

      The NCLT had, while acting on an insolvency plea, filed by Jaypee Infratech Limited stayed all pending proceedings before all judicial and quasi-judicial bodies leaving aggrieved homebuyers with no legal remedies, buyers had alleged earlier.

      The National Company Law Tribunal (NCLT) had earlier admitted the plea of public lender IDBI Bank relating to default of Rs 526 crore loan by Jaypee Infratech and appointed an interim resolution professional for it.

      For the quarter ended June 30, 2017, the company reported a consolidated net loss of Rs 44.78 crore against net loss of Rs 35.67 crore in the corresponding quarter last year. Net sales of the company slipped 72 per cent year-on-year to Rs 312.30 crore during the quarter under review. It had reported net sales of Rs 1,098.69 crore in the same quarter last year.

      Shares of the company had hit their 52-week high of Rs 25.20 on July 26, 2017 and 52-week low of Rs 6.42 on November 15, 2016.

      On the BSE, 11.25 lakh shares were traded on the counter so far as against the average daily volumes of 22.89 lakh shares in the past two weeks.




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