On 4 September, a Supreme Court bench comprising Chief Justice Dipak Misra and Justices Khanwilkar and Chandrachud granted an interim stay on the order of National Company Law Tribunals (NCLT) bench at Allahabad in the insolvency case against Jaypee Infratech, an infrastructure and real estate company. The NCLT had ordered the proceeding under the Insolvency and Bankruptcy Code to be initiated against Jaypee Infra. It is pertinent to highlight that the Reserve Bank of India (RBI) had asked the banks to initiate insolvency proceedings against top 12 defaulters, who account for a combined 25 percent of all the bad loans of the banking sector. Jaypee Infratech was one among the 12.
The order of NCLT has put many who have bought homes in the …
Read the full article at: http://www.firstpost.com/business/jaypee-infratech-insolvency-case-supreme-court-is-walking-a-tight-rope-as-home-buyers-enter-the-fray-4013223.html
