The case involves a batch of civil appeals, special appeals, and transfer cases related to the resolution plan of Jaypee Infratech Limited (JIL) under the Insolvency and Bankruptcy Code, 2016. The corporate insolvency resolution process (CIRP) was initiated on 09.08.2017. The treatment of homebuyers as creditors became a contentious issue. The case reached the Supreme Court, leading to several orders, including directions for Jaiprakash Associates Limited (JAL), the holding company of JIL, to make deposits. The resolution plan submitted by NBCC (India) Limited was approved by the Committee of Creditors (CoC) with a substantial majority. However, disputes and objections arose from various stakeholders, including dissenting financial creditors, dissatisfied homebuyers,
…Jaypee Infratech Limited (JIL) faced corporate insolvency resolution process (CIRP) initiated on 09.08.2017 after defaulting on payments. IDBI Bank Limited filed the petition under Section 7 of the Insolvency and Bankruptcy Code (IBC). Homebuyers' treatment as creditors became a contentious issue. The National Company Law Tribunal (NCLT), Allahabad Bench, initially handled the case, later transferred to the New Delhi Bench. The Supreme Court intervened, issuing orders in Writ Petition (Civil) No. 744 of 2017 (Chitra Sharma and Ors. v. Union of India and Ors.), directing Jaiprakash Associates Limited (JAL) to deposit funds. An amendment ordinance on 06.06.2018 recognized homebuyers as financial creditors. The Committee of Creditors (CoC) approved NBCC's resolution plan
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Corporate insolvency resolution process (CIRP)…
Supreme Court issues notice in response to…
The case involves a batch of civil appeals, special appeals, and transfer cases related to the resolution plan of Jaypee Infratech Limited (JIL) under the Insolvency and Bankruptcy Code, 2016. The corporate insolvency resolution process (CIRP) was initiated on 09.08.2017. The treatment of homebuyers as creditors became a contentious issue. The case reached the Supreme Court, leading to several orders, including directions for Jaiprakash Associates Limited (JAL), the holding company of JIL, to make deposits. The resolution plan submitted by NBCC (India) Limited was approved by the Committee of Creditors (CoC) with a substantial majority. However, disputes and objections arose from various stakeholders, including dissenting financial creditors, dissatisfied homebuyers,
…Jaypee Infratech Limited (JIL) faced corporate insolvency resolution process (CIRP) initiated on 09.08.2017 after defaulting on payments. IDBI Bank Limited filed the petition under Section 7 of the Insolvency and Bankruptcy Code (IBC). Homebuyers' treatment as creditors became a contentious issue. The National Company Law Tribunal (NCLT), Allahabad Bench, initially handled the case, later transferred to the New Delhi Bench. The Supreme Court intervened, issuing orders in Writ Petition (Civil) No. 744 of 2017 (Chitra Sharma and Ors. v. Union of India and Ors.), directing Jaiprakash Associates Limited (JAL) to deposit funds. An amendment ordinance on 06.06.2018 recognized homebuyers as financial creditors. The Committee of Creditors (CoC) approved NBCC's resolution plan
…Corporate insolvency resolution process (CIRP)…
Supreme Court issues notice in response to…