INSUBCONTINENT EXCLUSIVE:
the resolution process of Jaypee Infratech (JIL) by 90 days, thereby allowing submission of fresh bids for the bankrupt realty company.The
Mukhopadhaya, however, barred Jayprakash Associates (JAL), the parent company of JIL, from bidding.The order said the process of bidding and
approval of a resolution plan by the committee of creditors (CoC) should conclude in 45 days.The 90-day extension comes amid the lenders'
request to exclude around 250 days, from September 17, 2018 to June 4, 2019, from the stipulated period for corporate insolvency resolution
process, as during this period no bid could be voted upon in view of the confusion regarding the voting rights of the homebuyers.Under the
Insolvency and Bankruptcy Code (IBC), the resolution process of a company is mandated to be concluded within 270 days, failing which the
company has to go for liquidation
The 270-day deadline for Jaypee Infratech ended on May 6.Get Breaking news, live coverage, and Latest News from India and around the world
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