NEW DELHI: The Supreme Court on Monday stayed insolvency resolution proceedings against Jaypee Infratech on a plea by buyers of homes in its projects in Noida, restoring the developers original board of directors and ordering resumption of all consumer cases filed against the company and its promoters.
The court issued notices to Jaypee, its parent company Jaiprakash Associates, the Reserve Bank of India, IDBI Bank, the ministry of finance and the ministry of corporate affairs, said advocate Ashwarya Sinha, who represented some of the home buyers. The Supreme Court has agreed to examine the home buyers plea. It acknowledged that injustice is happening with home buyers and chose to intervene in the case.
A three-member bench headed by…
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