Jaiprakash Associates, Jaypee Group’s cement flagship firm, once, India’s 3rd largest cement producer with a capacity of 33.8 Mta is now in official insolvency. The decision came by the National Company Law Tribunal (NCLT) on June 3 after ICICI Bank filed an application in September 2018. After divesting most of its cement assets already in 2016, the company still owns 10.55 Mta of cement capacity (Photo: Chumar Cement Factory) including subsidiaries and associates. However, the bankruptcy proceedings are still in the early stages and it is too early to say which one of the major players like UltraTech, Adani Group, Dalmia or JSW Cement will succeed in buying the assets.