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ICICI Bank files insolvency case against client

ICICI Bank Ltd. filed an insolvency case against Jaiprakash Associates after the company defaulted on a payment of 12.6 billion Indian rupees, the Financial Express reported Sept. 11.

ICICI Bank filed the case before the National Company Law Tribunal, which then issued notices to Jaiprakash Associates seeking a reply by Sept. 17.

Once an insolvency plea is admitted, the resolution process is typically expected to be completed within 180 days though it can be extended to 270 days.

As of Sept. 11, US$1 was equivalent to 72.67 Indian rupees.