Insolvency proceedings against Jaypee Infratech stayed by Supreme Court – The Indian Express

Buyers protest against Jaypee over delay in handing over flats

On  a petition by home buyers, the Supreme Court on Monday stayed the order passed by National Company Law Tribunal (NCLT) which had declared Jaypee Infratech as insolvent. The court also issued notice the realty giant, the Finance Ministry, the Reserve Bank of India and the Uttar Pradesh Government.  In addition, a notice has also been sent to the Ministry of Corporate Affairs and IDBI Bank.

On August 10, IDBI Bank had approached NCLT to initiate insolvency proceedings against the realty giant, w…

Read the full article at: http://indianexpress.com/article/india/supreme-court-stays-national-company-law-tribunal-nclt-order-declaring-jaypee-insolvent-4827921/