The case involves appeals against a judgment by the National Company Law Appellate Tribunal (NCLAT) concerning the Corporate Insolvency Resolution Process (CIRP) of Jaypee Infratech Ltd. (JIL). IDBI Bank had sought exclusion of a certain period from the CIRP timeline, which was granted by NCLAT. The NCLAT's decision was challenged, raising questions about its power to exclude periods from the statutory CIRP timeline and to allow rejected bidders to submit revised plans. The initial CIRP period of 180 days for JIL was set to commence from August 9, 2018, with a possible extension of 90 days. The matter was complicated by delays and differences of opinion within the National Company Law Tribunal (NCLT) regarding the voting share of allottees (home buyers).
Jaiprakash Associates Ltd. ('JAL') is the holding company of Jaypee Infratech Ltd. ('JIL'). The Corporate Insolvency Resolution Process ('CIRP') was initiated against JIL. IDBI Bank filed an application before the NCLT to exclude the period of pendency of the application for clarification regarding the manner of counting votes of the concerned financial creditors from the period of 270 days of CIRP. The NCLT called upon the authorities, representatives of the allottees and others to file their reply on the necessity to proceed further with the CIRP. IDBI Bank assailed the order passed by the NCLT before the NCLAT. The NCLAT thought it appropriate to proceed with both the appeals together. The NCLAT granted relief to IDBI Bank to exclude period from 17th September, 2018
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Revival of CIRP from…
Initial period of 180 days for the…
The case involves appeals against a judgment by the National Company Law Appellate Tribunal (NCLAT) concerning the Corporate Insolvency Resolution Process (CIRP) of Jaypee Infratech Ltd. (JIL). IDBI Bank had sought exclusion of a certain period from the CIRP timeline, which was granted by NCLAT. The NCLAT's decision was challenged, raising questions about its power to exclude periods from the statutory CIRP timeline and to allow rejected bidders to submit revised plans. The initial CIRP period of 180 days for JIL was set to commence from August 9, 2018, with a possible extension of 90 days. The matter was complicated by delays and differences of opinion within the National Company Law Tribunal (NCLT) regarding the voting share of allottees (home buyers).
Jaiprakash Associates Ltd. ('JAL') is the holding company of Jaypee Infratech Ltd. ('JIL'). The Corporate Insolvency Resolution Process ('CIRP') was initiated against JIL. IDBI Bank filed an application before the NCLT to exclude the period of pendency of the application for clarification regarding the manner of counting votes of the concerned financial creditors from the period of 270 days of CIRP. The NCLT called upon the authorities, representatives of the allottees and others to file their reply on the necessity to proceed further with the CIRP. IDBI Bank assailed the order passed by the NCLT before the NCLAT. The NCLAT thought it appropriate to proceed with both the appeals together. The NCLAT granted relief to IDBI Bank to exclude period from 17th September, 2018
…Revival of CIRP from…
Initial period of 180 days for the…