Supreme Court Remits Jaypee Infratech's Resolution Plan To Creditors For Approval

No new expression of interest will be entertained for taking over Jaypee Infratech and only the state-owned NBCC and Suraksha Realty may file revised proposals, the top court said

The Supreme Court Wednesday remitted to the Committee of Creditors (CoC) the issue of approval of resolution plan for debt-ridden Jaypee Infratech Ltd (JIL), saying no new expression of interest will be entertained for taking over the firm and only state-owned NBCC and Suraksha Realty may file revised proposals. The top court also directed that the resolution process be extended by 45 days. Since August 2017, when JIL went into the insolvency process after the National Company Law Tribunal (NCLT) admitted the application by an IDBI Bank-led consortium, this is the fourth round of litigation which has been decided by the top court. On March 3 last year, the NCLT had approved NBCC's bid to acquire JIL through the insolvency process and complete over 20,000 pending flats over the next three and half years. The order was however challenged in the appellate tribunal NCLAT and later in the Supreme Court. A bench of Justices A M Khanwilkar, Dinesh Maheshwari and Sanjiv Khanna used the top court's plenary powers under Article 142 of the Constitution to do "substantial and complete justice to the parties and in the interest of stakeholders of JIL".