Tuesday, October 4, 2022

Jaypee Infratech resolution to be completed in 90 days

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New Delhi: Bringing relief to homebuyers, the Supreme Court (SC) said on Wednesday that the resolution of Jaypee Infratech should be completed within 90 days. It also said that only state-run NBCC and Suraksha Realty will submit their revised proposals and barred the parent company, JP Associates, from bidding for resolution of Jaypee Infratech.

The 90-day extension has been granted by the Supreme Court by making use of extraordinary powers bestowed to it under Article 142.

SC gives 45 days to submit revised bid for Jaypee Infratech

The Supreme Court has given NBCC and Suraksha Realty 45 days to submit their revised bids and another 45 days to the insolvency and resolution professional to process the fresh bids. The bench added that the commercial wisdom to decide on the bids rests only with the Committee of Creditors (CoC). NBCC has already submitted a revised proposal for Jaypee Infratech on October 17.

“JIL/JAL and their promoters shall be ineligible to participate in the CIRP by virtue of the provisions of Section 29A,” the apex court order said.

‘This should not set a precedent’

The SC also clarified that this case should not set a precedent. “Article 142 of the constitution is the power which is vested only with the Supreme Court where it can pass any order to deliver complete justice. SC has expressively said that this should not set a precedent and that it is the rarest of rare cases.
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These powers have been exercised by the apex court in the interest of all stakeholders,” said Ashwarya Sinha, lawyer for petitioner Chitra Sharma.

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