INSUBCONTINENT EXCLUSIVE:
Home buyers had moved the top court stating 32,000 people had booked flats were now paying instalmentsNew Delhi: In a setback to the Jaypee
group, the Supreme Court today asked the National Company Law Tribunal (NCLT), Allahabad, to deal with the insolvency proceedings against
Jaypee Infratech Ltd (JIL) and barred the group or its promoters from participating in the fresh bidding process
A bench headed by Chief Justice Dipak Misra said the limitation period of 180 days to conclude the insolvency proceedings will commence from
The bench, also comprising Justices A M Khanwilkar and D Y Chandrachud, said the Rs 750 crore deposited by the JIL in the apex court shall
in the committee of creditors in accordance with the amendments made in the Insolvency and Bankruptcy Code (IBC)
reliefs" sought by various stakeholders, including the home buyers of JIL, JAL, banks and financial institutions and the Insolvency
according to the amended IBC, now home buyers are financial creditors in a firm
Hence, the committee of creditors, which usually included banks and FIs, will have to consider the views of home buyers while deciding the
projects, saying that it was barred under the law to do so
Taking note of the enormity of the situation, the bench said it was thought that the liability of the firm was to the tune Rs 2,000 crore
deposited by it with the apex court's registry and Rs 600 crore more would be required for paying the principal sum to the home buyers
The home buyers had moved the apex court stating that around 32,000 people had booked flats and were now paying instalments.
