SC Asks for Jaypee Infrastructure Resolution Plan in 2 Months

As the matter pertaining to the resolution plan to take over debt ridden Jaypee Infratech Ltd (JIL) is pending before National Company Law Tribunal for its approval for more than three months, the Supreme Court has asked the NCLT to decide it within two months, As more than 20,000 homebuyers have been waiting for years to get possession of their flats in housing projects of JIL, they pleaded a bench of Justices A M Khanwilkar and C T Ravikumar that the process be expedited to pave the way for the new company to start construction of unfinished project. The insolvency proceedings against real estate Company Jaypee Infratech was initiated way back in 2017 but it could not be finalised due to various reasons and multiple rounds of litigations in tribunal and SC. The apex court in March directed that fresh proposal be sought to take over the debt ridden company and directed that the proceedings be wrapped up in 45 days. The resolution plan of Suraksha ARC and NBCC were put to vote before the committee of creditors (CoC) on June 23, and the plan of Suraksha was approved. “It is humbly submitted that the delay in disposal of the case by the NCLT is causing serious prejudice to the Applicant/Appellant and is also affecting their rights. The NCLT is acting in a casual manner and is adjourning the matter several times without following the directions given by this Court to take final decision expeditiously in terms of Section 31 of the Code upon submission of report by the IRP," the petition said. “We direct the IRP to complete the CIRP within the extended time of 45 days from today. For this purpose, it will be open to the IRP to invite modified/fresh resolution plans only from Suraksha Realty and NBCC respectively, giving them time to submit the same within 2 weeks from the date of this judgment. It is made clear that the IRP shall not entertain any expression of interest by any other person nor shall be required to issue any new information memorandum," it had said.