Lawstreet Journal

Jaypee Infra IRP files application before SC seeking extension of insolvency process

Lawstreet Journal 16 Jun 2021 12:24am

Image courtesy: Lawstreet Journal Business Jaypee Infra IRP files application before SC seeking extension of insolvency process

Infratech's Interim Resolution Professional (IRP) Anuj Jain has filed an application before the Supreme Court seeking extension of timeline for completion of its resolution process till the first week of July.

State-owned NBCC and Suraksha group are in the fray to acquire the debt-laden realty firm (JIL) and complete over 20,000 pending flats for homebuyers.

The 45 days' time granted by the Supreme Court to complete the Corporate Insolvency Resolution Process (CIRP) expired on May 8th 2021.

In the last meeting of JIL's Committee of Creditors (CoC), Jain informed that an application was filed before the court on May 6th 2021 to seek an extension by 30 days, sources said.

On the instructions of the CoC members, Jain filed another application on June 3rd 2021 seeking further extension by 30 days. The applications are likely to be heard in the first week of July, they added.

Jain informed the CoC that the CIRP of JIL has to be completed by July 7th 2021, subject to the Supreme Court's decision on extension of timeline.

He also said all decisions taken by the CoC after May 8th 2021 related to the approvals of resolution plans submitted by the two contenders will be subject to the decision of the apex court on the two applications filed on May 6th 2021 and June 3rd 2021 seeking extension. 

Earlier this week, the financial creditors decided to consider the bids of both state-owned NBCC and Suraksha group to acquire the embattled realty firm at their… Continue Reading...


Tagged: Jaypee   NBCC  
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