<span style="color: #222222;">The Supreme Court today directed completion of corporate insolvency resolution process within 90 days for Jaypee Infratech Ltd. The court also said that the revised resolution plan will be invited only from NBCC and Suraksha Realty.<br />'' &nbsp;<br />'' The apex court said, the pendency of any other application before the National Company Law Tribunal, including any interim direction, shall be no impediment for the insolvency resolution process to receive and process the revised resolution plan from the two bidders.<br />'' <br />'' A bench of Justices A M Khanwilkar and Dinesh Maheshwari said, it is passing directions in an exceptional situation to do complete justice to home buyers, Jaypee group and banks concerned.<br />'' <br />'' The bench passed the order on the plea by Jaypee Group against the NCLAT verdict which had barred it from participating in the auction of its debt-ridden group firm JIL.<br />'' <br />'' On July 30 this year, the National Company Law Appellate Tribunal (NCLAT) had allowed fresh bidding for the cash-strapped JIL but had barred its promoter Jaypee Group from participating in the auction.</span><br />'' &nbsp;
News On AIR | November 6, 2019 2:29 PM
SC directs completion of corporate insolvency resolution process within 90 days for Jaypee Infratech Ltd