New Delhi : The National Company Law Tribunal has asked debt-ridden Jaiprakash Associates to return nearly 760 acre land to its subsidiary Jaypee Infratech, declaring the transfer of the land as “fraudulent” and “undervalued”.

In an order, the Allahabad bench of NCLT has directed JP group’s flagship firm Jaiprakash Associates (JAL) to release and discharge interest created over the patch of land to lenders including ICICI Bank. The order came over a petition filed by Jaypee Infratech’s RP Anuj Jain in the NCLT seeking direction over the transactions entered by the company’s promoters, creating mortgage on its 858 acre to secure debt for JAL. “The impugned transactions… are declared as fraudulent, preferential and undervalued transactions,” said the bench.

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