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Jaypee coming under Insolvency Act could cause catastrophic banking crisis in India – Janta Ka Reporter 2.0

Insolvency plea: What Jaypee homebuyers need to do before filing claims On August 9, the Allahabad bench of National Company Law Tribunal (NCLT) admitted an insolvency plea of IDBI Bank relating.

Jaypee infratech: supreme court asks NCLT to deal with insolvency proceedings The NCLT will hold a fresh hearing of the insolvency proceedings started by IDBI against JIL, after the firm defaulted in paying back a loan of Rs 526 crore.

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Insolvency proceedings of Jaypee Infratech Limited is one of the most keenly watched proceedings under the IBC. Apart from the introduction of a new class of creditors, the proceedings have also seen the Supreme Court intervening in insolvency resolution process to protect the interests of home buyers.

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Senior advocate Ajit Sinha, appearing for some homebuyers, pleaded that after initiation of insolvency proceedings against Jaypee Infratech, the corporate affairs ministry has asked homebuyers to sign a specified form under Section 14 of Insolvency and Bankruptcy Code by Thursday and pleaded the court to pass interim order to stay the proceedings.

History of the Jaypee Group’s crisis The Allahabad bench of the National Company Law Tribunal (NCLT), on August 9, 2017, admitted a petition by IDBI Bank, to initiate insolvency proceedings against Jaypee Infratech and approved the appointment of an interim resolution professional.

Jaypee flat buyers have till August 24 to raise claims as nclt appoints insolvency professional The projects that have not yet been completed include Jaypee’s 800-acre Wish Town in Noida’s Sector 128.

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It was only last week that the Insolvency and Bankruptcy Code, 2016 (the "Code") and the insolvency proceedings initiated thereunder received a fillip from the Supreme Court in Innoventive Industries Limited v. ICICI Bank (discussed here). Within a matter of a few days, a contrary result emerged from the Supreme Court in Chitra Sharma v.

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Jaypee homebuyers get big relief as Supreme Court stays nclt insolvency order against builder The Supreme Court has stayed the NCLT order for initiating insolvency proceedings against the Jaypee Infratech giving a major relief to more than 30,000 homebuyers.

Background. Trilegal is representing the largest consortium of home buyers of Jaypee Wish Town Noida in the insolvency resolution proceedings of Jaypee Infratech Limited (JIL). The ongoing proceedings are being seen as a litmus test for the successful implementation of the Insolvency and Bankruptcy Code, 2016.

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