SC adjourns hearing in Jaypee Infra case to Sept 4

SC adjourns hearing in Jaypee Infra case to Sept 4
Aug 2017 , by , in Latest News

The Supreme Court on Thursday adjourned the hearing into the insolvency proceedings against Jaypee Infratech, giving time to other home buyers to file their petitions and join the proceedings. The next date of hearing has been kept on September 4.

A group of Jaypee Infratech home buyers moved the Supreme Court on Wednesday seeking relief against a National Company Law Tribunal (NCLT) order which has stayed all court proceedings against the company, including those pending before the consumer courts. They also urged the apex court to declare home buyers as ‘secured creditors’ to help them get first right on the company’s asset in case of insolvency.

Advocate Ashwarya Sinha, who filed PIL on behalf of petitioner Chitra Sharma, informed, “There were around 300 home buyers in the court, and many wanted to file petitions. Thus, the court adjourned the matter, asking other parties as well to raise their contentions and join the proceedings.”

The Allahabad bench of the National Company Law Tribunal (NCLT) on August 9 classified Jaypee Infratech as insolvent on the petition filed by IDBI Bank under Section 7 of Insolvency and Bankruptcy Code 2016. A total of 27 projects in three Noida land parcels of Jaypee Infratech has come under the purview of the corporate insolvency resolution process (CIRP), leaving around 32,000 home buyers in the lurch.

The insolvency resolution professional (IRP) appointed by NCLT has asked home buyers to submit their claims by August 24. However, claims for those home buyers who fail to fill up the forms will be determined automatically from the company’s records.

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