NCLAT directs Jaypee Infratech RP to submit details on progress of insolvency resolution process

New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Friday asked the resolution professional (RP) of Jaypee Infratech 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 SJ Mukhopadhaya, has asked the RP to list out the stage of the corporate insolvency resolution process.

Representational image. Reuters

Representational image. Reuters

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

It 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.

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 20 July.

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

Updated Date: Jul 13, 2018 13:28 PM

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