Complete Corporate Insolvency Resolution Process of Jaypee Infra Ltd Within 90 Days: Supreme Court

In a jolt to the Jaypee Group, the Supreme Court on Wednesday directed completion of the corporate insolvency resolution process for Jaypee Infratech Ltd (JIL) within 90 days and said the revised resolution plans will be invited only from the NBCC and Suraksha Realty, The Economic Times reported. The apex court said the pendency of any other application before the NCLT or NCLAT, including any interim direction, shall be no impediment for the IRP to receive and process the revised resolution plans from the two bidders. A bench of justices A M Khanwilkar and Dinesh Maheshwari said it was passing directions in an "exceptional situation" to do complete justice to homebuyers, the Jaypee Group and the banks concerned. Read more