NCLAT: Resolve Jaypee Infratech issues by Mid-April
Jaiprakash Associates, the original promoter of Jaypee Infratech, initiated the insolvency resolution process in 2017.
During the hearing on February 19, YEIDA stated that the proposal from the Suraksha group had been presented to the Uttar Pradesh Government and was currently under consideration. However, in the proceedings on Wednesday, YEIDA's counsel conveyed that the proposal submitted by the Successful Resolution Applicant (SRA), Suraksha group, was still under consideration by the State Government, and no final decision had been reached.
The counsel also mentioned that a final decision should be reached within a short period. Furthermore, he suggested that NCLAT could proceed with the appeal after the second week of April, by which time all issues between YEIDA and SRA should be resolved. If the issues are not settled by that time, the appeal should be heard on merit on the next date.