NCLAT seeks status report on Jaypee Infratech insolvency resolution
The NCLAT has directed the listing on July 20 of the matter in which banks have challenged rights over land mortgaged with them by Jaypee Infratech
New Delhi: The National Company Law Appellate Tribunal (NCLAT) today asked the resolution professional (RP) for Jaypee Infratech to submit details on the progress of the insolvency resolution process of the debt-ridden firm. A two-member bench of the appellate tribunal, headed by Chairman Justice S J Mukhopadhaya, has asked the RP to list out the stage of the corporate insolvency resolution process.
“RP would file a reply with details of resolution plan, including the stage at which it is in currently,” said the NCLAT. It has also sought an answer on whether any plan was with the RP or the committee of creditors (CoC), and whether that particular plan had been accepted or rejected.
The appellate tribunal was hearing a batch of petitions filed by several banks.
The NCLAT has directed the listing on July 20 of the matter in which banks have challenged rights over land mortgaged with them by the corporate debtor. Cases in which banks have challenged alleged fraudulent and undervalued transactions by Jai Prakash Associatess and Jaypee Infra will be heard on August 1.
Editor's Picks »
- Rahul Gandhi has seriously hurt image of Indian politician before world: Arun Jaitley
- HDFC Bank Q1 profit rises 18% at Rs4,601 crore
- Day after PM Modi hug, Rahul says only love, compassion can build a nation
- State-actors likely behind Singapore cyberattack: experts
- CAG puts spanner on GE’s diesel loco manufacturing unit in Bihar
- What ABB India’s performance in June quarter says about capex growth
- Bajaj Finance does well in Q1 even as competition hots up
- Kotak Mahindra Bank: The perils of being priced to perfection
- Higher cane price crushes hopes of sugar mills
- Market optimism before 2019 general election: History may not repeat itself