MY KOLKATA EDUGRAPH
ADVERTISEMENT
regular-article-logo Thursday, 29 February 2024

SC gives NCLT two months to decide on Jaypee Infratech insolvency

A bench of Justice A.M.Khanwilkar and Justice C.T.Ravi Kumar passed the direction while dealing with a plea of the Jaypee Kensington Welfare Association

Our Legal Correspondent New Delhi Published 23.11.21, 02:44 AM
Representational image.

Representational image. File photo

The Supreme Court on Monday asked the National Company Law Tribunal (NCLT) to decide within two months the insolvency proceedings of Jaypee Infratech after some of the aggrieved homebuyers complained of undue delay in the resolution process.

A bench of Justice A.M.Khanwilkar and Justice C.T.Ravi Kumar passed the direction while dealing with a plea of the Jaypee Kensington Welfare Association. The association said the interests of the homebuyers were getting affected because of repeated delays in the proceedings before the NCLT.

ADVERTISEMENT

The homebuyers through advocate Shashank Manish submitted that no decision had been taken despite this year’s March 24 order of the apex court granting 45 days extension to the resolution professional Anuj Jain to complete the resolution plan.

It was pointed out that on June 23, the resolution plan floated by Suraksha Group of Industries was approved by the resolution professional against a plan proposed by public sector NBCC to complete the 20,000 flats left unconstructed by the debt ridden Jaypee group.

According to the homebuyers, though the committee of creditors (CoC) had given their approval for the resolution plan of Suraksha, there has been undue delay on the part of the resolution professional to seek official approval and implementation of the plan from the National Company Law Tribunal due to repeated adjournment on various grounds.

Hence the homebuyers sought a direction for early implementation of the plan. Justice Khanwilkar heading the bench asked the NCLT to complete the process of resolution within two months.

In September 2017, the apex court had asked the NCLT appointed interim resolution Professional (IRP) to take over the management of Jaypee Infratech Ltd to protect the interests of an estimated 32000 home buyers and Rs 10,000 cr money reportedly owed by the real estate company to various private sector banks led by IDBI.

Around 32,000 persons had booked flats in 27 various Jaypee Infratech projects.

Follow us on:
ADVERTISEMENT