In an order that is likely to bring some relief to the homebuyers, the Supreme Court on Wednesday directed completion of corporate insolvency resolution process within 90 days for Jaypee Infratech Ltd.
In an order that is likely to bring some relief to the homebuyers, the Supreme Court on Wednesday directed completion of corporate insolvency resolution process within 90 days for Jaypee Infratech Ltd.
The apex court said the revised resolution plan will be invited only from NBCC and Suraksha Realty and directed the two companies to present fresh biddings within 45 days.
A bench of justices AM Khanwilkar and Dinesh Maheshwari said that the pendency of any application before the National Company Law Tribunal (NCLT) or appellate tribunal will not stall the insolvency proceedings.
The bench said it was passing the directions in an "extraordinary circumstances" and the order should not set a precedent.
The top court passed the order on a plea by Jaypee Group against the National Company Law Appellate Tribunal (NCLAT) order barring it from participating in the auction of its debt-ridden group firm Jaypee Infratech Ltd (JIL). The July 30 order by the NCLAT had allowed fresh bidding for JIL but had barred Jaypee Group from participating in the auction.
The court disallowed Jaypee Group from participating in the auction while disposing of the plea.
"We direct the IRP to complete the CIRP within 90 days from today. In the first 45 days, it will be open to the IRP to invite revised resolution plan only from Suraksha Realty and NBCC respectively, which were final bidders and had submitted resolution plan on earlier occasion and place the revised plan(s) before the Committee of Creditors (CoC), if so required, after negotiations and submit report to adjudicating authority NCLT within such time," the apex court order said.
"In the second phase of 45 days commencing from December 21 2019, margin is provided for removing any difficulty and to pass appropriate orders thereon by the adjudicating authority," it said.
Jaypee Group holds several projects along the Yamuna Expressway - connecting Noida to Agra - including in Noida's Sector 26 and Sector 19 areas. There are thousands of distressed homebuyers stuck with the Jaypee Group which has failed to deliver the homes in the promised time period.
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