Jaypee Insolvency: Supreme Court modifies earlier order, IRP to submit interim report
By Team Legistify / 2017-09-12

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A rather lengthy hearing in the Jaypee Infratech case in Supreme Court today brought to fore the possible ambiguity in the implementation of the new Insolvency and Bankruptcy Code.

A Bench of Chief Justice Dipak Misra and Justices AM Khanwilkarand DY Chandrachud heard a battery of senior counsel before modifying its earlier order of stay.The Supreme Court had, on September 4, 2017, stayed the order of the Allahabad Bench of the National Company Law Tribunal (NCLT) directing initiation of insolvency proceedings against Jaypee Infratech.

Picture Courtesy- IB CODE

The Bench today modified that order and issued the following directions “Having heard learned counsel for the parties at length, in the modification of the order dated 04.09.2017, we issue the following directions:


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