New Delhi: As a problem related to the resolution plan to take over the debt of Ridden Jaypee Infratech Ltd (JIL) is waiting before the National Companies Laws Court for his approval for more than three months, the Supreme Court on Monday asked NCLT to decide on it.
Two months, because more than 20,000 home buyers have been waiting for years to have their flat in Jil Housing Projects, they begged a judiciary am Khanwilkar and CT Ravikumar that the process was accelerated to pave the way for new companies starting to construction unfinished projects.
The bankruptcy proceedings of the Jaypee Infratech real estate company began in a way back in 2017 but could not be resolved for various reasons and several litigation rounds in court and SC.
The APEX court in March directed that the new proposal was searched for taking over the company ridden by debt and directing that the process was wrapped in 45 days.
The Surakha Arc and NBCC resolution plan was loaded before the Creditors Committee (COC) on June 23, and Surakha’s plan was approved.
The approved plan was then placed before NCLT on June 07 for his approval but the case was postponed several times and was still delayed before the court.
Looking for SC interference, a group of home buyers approached SC through the Shashank Manish advocate and begged the bench that the process was accelerated because they suffered for a long period and had run from the pillar to invest their life savings.
“With humble appearing that the delay in disposal of cases by NCLT caused serious prejudice to the applicant / applicant and also influenced their rights.
NCLT acted casually and delayed this problem several times without following the direction given by this court to take the final decision quickly In terms of part 31 of the code after submitting the report by IRP, “said the petition.
Let their requests, the court directed the court to decide on this problem quickly within two months.
After holding a broad audience and considering the request of all stakeholders, the top court in March has directed temporary resolution professionals to complete the trial within 45 days.
“We direct the IRP to complete CIRP for a long time 45 days from today.
For this purpose, it will open to IRP to invite a modified / new resolution plan only from Surakha Realty and NBCC, giving them time to submit the same thing in time 2 weeks from this date of assessment.
It is clear that the IRP will not entertain the expression of interest by others will also not be asked to issue new information for memorandum, “he said.