NCLAT di­rects Jaypee In­fra RP to sub­mit sta­tus re­port

DNA (Delhi) - - COMMUNITY -

The Na­tional Com­pany Law Ap­pel­late Tri­bunal (NCLAT) asked the res­o­lu­tion pro­fes­sional (RP) of Jaypee In­frat­ech on Fri­day to sub­mit de­tails on the progress of the in­sol­vency res­o­lu­tion process of the debt-rid­den firm.

A two mem­ber bench of the ap­pel­late tri­bunal, headed by Chair­man Jus­tice S J Mukhopad­haya, has asked the RP of Jaypee In­frat­ech to list out the stage of the cor­po­rate in­sol­vency res­o­lu­tion process.

“RP would file a re­ply with de­tails of res­o­lu­tion plan in­clud­ing the stage at which it is in cur­rently,” said the NCLAT.

The tri­bunal has also asked to an­swer whether any plan is with the RP or the com­mit­tee of cred­i­tors (CoC), and whether that par­tic­u­lar plan has been ac­cepted or re­jected.

The ap­pel­late tri­bunal was hear­ing a batch of pe­ti­tions filed by sev­eral banks.

The NCLAT has di­rected to list the mat­ter in which banks have chal­lenged their rights over the land mort­gaged with them by the cor­po­rate debtor on July 20.

How­ever, cases in which banks have chal­lenged al­leged fraud­u­lent and un­der­val­ued trans­ac­tions done by Jai Prakash As­so­ciates and Jaypee In­fra will be heard on Au­gust 1.

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