For many homebuyers, the Jaypee story has stretched across more than a decade. Bookings were made and transactions completed, but construction was halted midway. That stalled reality is what eventually pushed Jayprakash Associates Ltd (JAL), the flagship company of the Jaypee Group, into insolvency in June 2024 after defaulting on loans, triggering proceedings under the Insolvency and Bankruptcy Code (IBC).
On Monday, the National Company Law Appellate Tribunal (NCLAT) dismissed Vedanta Ltd’s challenge to the approval of Adani Enterprises’ resolution plan, settling a key contest in the Jaypee insolvency.
A bench of Chairperson Ashok Bhushan and Member (Technical) Barun Mitra, in its 96-page order, held that “no grounds have been…