SC to hear IDBI plea agnst stay on Jaypee’s insolvency
By Team Legistify / 2017-09-06

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The Supreme Court today agreed to hear a plea of IDBI Bank seeking modification of its order by which the insolvency proceedings against real estate firm Jaypee Infratech was stayed.

A bench comprising Chief Justice Dipak Misra and Justices Amitava Roy and A M Khanwilkar considered the submission of the bank that staying the order of the National Company Law Tribunal (NCLT) in Allahabad had reversed the position and, as a consequence, the company had gone back to defaulting promoters.It posted the IDBI’s plea for hearing on September 11.

Picture Courtesy- Track2Realty

Senior advocate A M Singhvi, appearing for the bank, said the Jaypee group was in charge of the company again because of yesterday’s apex court order. The bank’s money was also public money and “we are seeking modification of that order,” he said.The senior lawyer said the IDBI would like that the insolvency resolution process should settle the claims of home buyers along with the banking institutions.Senior advocate Ajit Sinha, appearing for one of the home buyers, vehemently opposed the contention of the bank and said the home buyers were happy because of the apex court order which need not be changed.


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