SC directs completion of Jaypee insolvency process in 90 days
The Supreme Court (SC) of India on Wednesday directed the Insolvency Resolution Professional (IRP) of Jaypee Infratech (JIL) to complete the corporate insolvency resolution process (CIRP) within 90 days from November 6, 2019. The apex court issued the directions under Article 142 of the Constitution of India to all concerned to reckon 90 days extended period from the date of this order instead of the date of commencement of the Insolvency and Bankruptcy Code (Amendment) Act, 2019. In the first 45 days, it will be open to the IRP to invite revised resolution plan only from Suraksha Realty and NBCC respectively, who were the final bidders and had submitted resolution plan on the earlier occasion and place the revised plan(s) before the CoC, if so required, after negotiations and submit report to the adjudicating authority NCLT within such time. In the second phase of 45 days commencing from December 21, 2019, margin is provided for removing any difficulty and to pass appropriate orders thereon by the Adjudicating Authority. SC directed the IRP that he shall not entertain any expression of interest (improved) resolution plan individually or jointly or in concert with any other person.
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