SC Allows To Complete Corporate Insolvency Resolution Process Of Jaypee Infratech Within 90 days [Read Order]

The Supreme Court has allowed to complete CIRP concerning Jaypee Infratech Ltd. within a period of 90 days.

The bench comprising Justice AM Khanwilkar and Justice Dinesh Maheshwari  allowed the Insolvency Resolution Professional 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.

These directions were issued by the Court invoking its powers 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 The court observed that the legal issues raised in this case stands answered against JAL by virtue of Section 29A of the Act as expounded in Chitra Sharma.

The pendency of any other application before the NCLT or NCLAT, as the case may be, including any interim direction given therein shall be no impediment for the IRP to receive and process the revised resolution plan from the above-named two bidders and take it to its logical end as per the provisions of the I & B Code within the extended timeline prescribed in terms of this orde, the court added. 

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