The case involves an application for the extension of the Corporate Insolvency Resolution Process (CIRP) for Jaypee Infratech Ltd. (JIL). The CIRP was initiated following the admission of a petition filed by the Financial Creditor, IDBI Bank. The Hon'ble Supreme Court had previously directed the revival of CIRP for another 180 days and mandated the constitution of a new Committee of Creditors (COC) in accordance with amended provisions of the I&B Code. The Interim Resolution Professional (IRP) identified two classes of creditors: allottees and fixed deposit holders. The COC's fifth meeting approved a resolution authorizing the RP to file an application to extend the CIRP beyond 180 days.
The Financial Creditor, IDBI Bank, filed CP No.(IB)77/ALD/2017, which was admitted on 09.08.2017, commencing the CIRP for Jaypee Infratech Ltd. (JIL). The Hon'ble Supreme Court directed the revival of CIRP for another 180 days. The IRP issued a public announcement on 17.08.2018 and constituted a COC on 30.08.2018. The IRP identified allottees and fixed deposit holders as creditors. The COC's fifth meeting, held on 17.01.2019, approved a resolution to extend the CIRP beyond 180 days with a 71.49% majority vote. Reasons for seeking the extension included a voting deadlock in the COC and delays in finalizing the Evaluation Matrix and Process Note. The voting deadlock was referred to the NCLT President. The COC received a request from a prospective resolution applicant
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CP No.(IB)77/ALD/2017 filed by IDBI Bank was…
The Hon'ble Supreme…
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The case involves an application for the extension of the Corporate Insolvency Resolution Process (CIRP) for Jaypee Infratech Ltd. (JIL). The CIRP was initiated following the admission of a petition filed by the Financial Creditor, IDBI Bank. The Hon'ble Supreme Court had previously directed the revival of CIRP for another 180 days and mandated the constitution of a new Committee of Creditors (COC) in accordance with amended provisions of the I&B Code. The Interim Resolution Professional (IRP) identified two classes of creditors: allottees and fixed deposit holders. The COC's fifth meeting approved a resolution authorizing the RP to file an application to extend the CIRP beyond 180 days.
The Financial Creditor, IDBI Bank, filed CP No.(IB)77/ALD/2017, which was admitted on 09.08.2017, commencing the CIRP for Jaypee Infratech Ltd. (JIL). The Hon'ble Supreme Court directed the revival of CIRP for another 180 days. The IRP issued a public announcement on 17.08.2018 and constituted a COC on 30.08.2018. The IRP identified allottees and fixed deposit holders as creditors. The COC's fifth meeting, held on 17.01.2019, approved a resolution to extend the CIRP beyond 180 days with a 71.49% majority vote. Reasons for seeking the extension included a voting deadlock in the COC and delays in finalizing the Evaluation Matrix and Process Note. The voting deadlock was referred to the NCLT President. The COC received a request from a prospective resolution applicant
…CP No.(IB)77/ALD/2017 filed by IDBI Bank was…
The Hon'ble Supreme…
Sign in to view related legal provisions.