SC stays insolvency proceeding against Jaypee Infra

Jaypee Infratech IDBI Bank NCLT Supreme Court

Appearing for some of those who had booked homes in projects launched by Jaypee Infratech, senior counsel Ajit Sinha, however, opposed the bank's plea, saying that they were satisfied with the SC order and that it need not be altered.

IDBI Bank on Tuesday filed petition before the Supreme Court seeking modification in National Company Law Tribunal's (NCLT) insolvency proceedings against Jaypee Infratech.

The bench posted a batch of matters for further proceedings on October 10.

IDBI Bank has moved the Supreme Court seeking the restoration of insolvency proceedings against Jaypee Infratech.

The bank said the apex court's decision had reversed the insolvent position and that the company had gone back to defaulting promoters.

Hundreds of home buyers have been left in the lurch after the National Company Law Tribunal (NCLT), on August 10, admitted the IDBI Bank's plea for initiating insolvency proceedings against the debt-ridden realty company for defaulting on a Rs 526-crore loan.

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Jaypee Infratech has a bigger fight in its hands, vis-a-vis approximately 32,000 deprived homebuyers. The home buyers had expressed concern that the insolvency proceedings would leave them without remedy to either a house or compensation.

Under Regulation 9A of the Insolvency and Bankruptcy Board of India, the flat owners have been directed to sign forms which force them to to declare themselves as creditors so that they can be subjected to the liquidation proceedings undertaken by the Official Liquidator.

The Public Interest Litigation filed in the case wants the Centre and others to be directed to ensure that the Insolvency and Bankruptcy Code does not "curtail the legal statutory and vested rights of flat owners/buyers as consumers", as defined under the Consumer Protection Act. The bank said that a huge number of home buyers, who feel cheated, have decided on 4,000 more individual suits, both civil and criminal.

The PIL said that in the alternative, a direction may be issued to the government that flat owners/buyers be declared as secured creditor like banks and FIs. The petition has challenged the IBC for violating Articles 14 (right to equality) and 21 (right to life) of the Constitution.

NCLT had appointed a chartered accountant Anuj Jain who was asked to prepare a resolution plan and submit it to NCLT. He said that the NCLT's Insolvency Resolution Professional will take care of the distraught homebuyers. Colonel SK Nagrath, president, Jaypee Aman Owner Welfare Association, said IDBI Bank could negotiate the loan with Jaypee.

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