The Supreme Court is burdened with debt, Jaypee Infratech Ltd. The resolution plan of (JIL) has sent the issue of approval back to the Committee of Lenders (COC). The court said that no new letter of interest (EOI) can be included for the acquisition of the company. Only the public sector NBCC and Security Realty will be allowed to make revised proposals. Along with this, the apex court also directed to extend the resolution process by 45 days.
In August 2017, JLI went into insolvency process after the National Company Law Tribunal (NCLT) accepted the application of IDBI Bank-led tie-up. This is the fourth time since that the Supreme Court has ruled in this case.
On March 3 last year, NCLT allowed the acquisition of JIL through the bankruptcy process of NBCC and the completion of 20,000 flats in the next three-and-a-half years. The order was challenged in the National Company Law Appellate Tribunal (NCLAT) and thereafter in the Supreme Court.
A bench of Justice AM Khanwilkar, Justice Dinesh Maheshwari and Justice Sanjeev Khanna gave this direction while exercising the full powers conferred in Article 142 of the Constitution.
The Bench has extended the deadline for completion of the resolution process by 45 days from the date of this decision, sending the matter of approval of the resolution plan to the COC of JIL. The bench said in its 375-page judgment that the Rs 750 crore deposited by the Jaypee group to the apex court, which was later transferred to NCLT, are the property of Jayaprakash Associates.