+
SC allows NCLT two months to decide on Jaypee Infratech insolvency
Company News

SC allows NCLT two months to decide on Jaypee Infratech insolvency

Since the resolution to take over debt-ridden Jaypee Infratech Ltd (JIL) has been pending before the National Company Law Tribunal (NCLT) for more than three months, the Supreme Court on Monday ordered the NCLT to decide within two months.

More than 20,000 homebuyers have been waiting for years to take possession of their flats in JIL housing projects, and they have petitioned a bench of Justices A M Khanwilkar and C T Ravikumar to speed up the process so that the new company can begin work on the unfinished project.

The insolvency proceedings against real estate firm Jaypee Infratech were started in 2017, but they were never completed due to a variety of factors, including multiple rounds of litigation in the tribunal and Supreme Court. In March, the Supreme Court ordered that a new proposal be sought to take over the debt-ridden company and that the proceedings be completed in 45 days.

Suraksha ARC and NBCC's resolution plans were put to a vote before the Committee of Creditors (CoC) on June 23, and Suraksha's plan was approved.

The approved plan was then presented to the NCLT for approval on June 07, but the case was repeatedly adjourned, and it is still pending before the tribunal.

A group of homebuyers approached the SC through advocate Shashank Manish, pleading with the bench to expedite the process because they have been suffering for a long time and have been running from pillar to post for a house after investing their life savings.

The court granted their request and ordered the tribunal to decide within two months.

The top court had directed the interim resolution professional to complete the proceedings within 45 days after holding extensive hearings and considering the pleas of all stakeholders in March.

Image Source

Since the resolution to take over debt-ridden Jaypee Infratech Ltd (JIL) has been pending before the National Company Law Tribunal (NCLT) for more than three months, the Supreme Court on Monday ordered the NCLT to decide within two months. More than 20,000 homebuyers have been waiting for years to take possession of their flats in JIL housing projects, and they have petitioned a bench of Justices A M Khanwilkar and C T Ravikumar to speed up the process so that the new company can begin work on the unfinished project. The insolvency proceedings against real estate firm Jaypee Infratech were started in 2017, but they were never completed due to a variety of factors, including multiple rounds of litigation in the tribunal and Supreme Court. In March, the Supreme Court ordered that a new proposal be sought to take over the debt-ridden company and that the proceedings be completed in 45 days. Suraksha ARC and NBCC's resolution plans were put to a vote before the Committee of Creditors (CoC) on June 23, and Suraksha's plan was approved. The approved plan was then presented to the NCLT for approval on June 07, but the case was repeatedly adjourned, and it is still pending before the tribunal. A group of homebuyers approached the SC through advocate Shashank Manish, pleading with the bench to expedite the process because they have been suffering for a long time and have been running from pillar to post for a house after investing their life savings. The court granted their request and ordered the tribunal to decide within two months. The top court had directed the interim resolution professional to complete the proceedings within 45 days after holding extensive hearings and considering the pleas of all stakeholders in March. Image Source

Related Stories

Gold Stories

Next Story
Infrastructure Urban

NABARD Holds Seminar on Vigilance, Integrity and Good Governance

National Bank for Agriculture and Rural Development (NABARD) organised a seminar on “Vigilance: Strengthening Integrity and Good Governance” on 25 August 2026 at its Head Office in Mumbai as part of the ongoing Vigilance Awareness Campaign 2026 being observed from 17 August to 16 November 2026, with the theme “Probity for Prosperity."" The seminar was graced by Suresh N Patel, Former Central Vigilance Commissioner, Government of India, as the chief guest and keynote speaker.  The programme was attended by G S Rawat, Deputy Managing Director, Dr Ajay K Sood, Deputy Managing Dire..

Next Story
Equipment

XCMG Unveils World's First 14,000-Ton Ring Crane for Heavy Lifting

XCMG has announced that the first main unit of the world's first 14,000-ton ring crane has rolled off the production line, marking a historic breakthrough in ultra-heavy lifting technology. Jointly developed by XCMG and Sinopec Heavy Lifting & Transportation Co., Ltd., the crane will be the largest-capacity ring crane ever built, setting a new benchmark for major construction projects worldwide.The crane features a modular configuration comprising two main units that work in tandem. The first main unit has completed final assembly and can independently perform lifting operations. Once both..

Next Story
Infrastructure Urban

Thriveni Logistics orders 200 tip trailers from Jagdamba trailers

Jagdamba Trailers (JTPL), one of India’s growing trailer manufacturers, has secured a significant order for 200 Tip Trailers from Thriveni Transport and Logistics Pvt. Ltd., a leading mining and logistics company serving operations across India and overseas.The order, placed for iron ore transportation, is a major milestone for JTPL, particularly as the company secured the business after competing with more than 10 established trailer manufacturers. It also strengthens an already successful relationship between the two companies. Approximately one and a half years ago, Thriveni Transport and..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code