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Jaiprakash Associates says no fraud in providing Jaypee Infra’s land as collateral

Crisis-hit Jaiprakash Associates Ltd (JAL) today said the company provided certain land parcels of its subsidiary Jaypee Infratech as additional collateral to its lenders and the mortgage transactions could not be termed as “fraudulent”. The Allahabad bench of National Company Law Tribunal (NCLT) last week passed an order directing JAL to return nearly 760 acre land to Jaypee Infratech Ltd (JIL), while declaring the transfer of the land as “fraudulent” and “undervalued”.

Source : ET Realty