IDBI Bank moved the Supreme Court on Tuesday against its day-old order that put on hold National Company Law Tribunals (NCLT) directive to initiate insolvency proceedings against Jaypee Infratech on the banks plea.
IDBI Bank counsel, senior advocate Abhishek Manu Singhvi, told a bench headed by Chief Justice Dipak Misra that the top courts order had unintentionally benefitted the embattled company. The bench posted the banks plea for hearing on September 11.
Your (lordships) order reversed the position and, as a consequence, the company has gone back to the defaulting promoters, Singhvi submitted before the bench.
The banks money was also public money and we are seeking modification of that order, he said.
The senior lawyer said the IDBI wou…
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