NCLAT directs Jaypee Infra RP to submit status report
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.