SC allows NCLT two months to decide on Jaypee Infratech insolvency

25 Nov 2021 CW Team

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.

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