SC releif to Jaypee Infratech

New Delhi, Sept 4: A relief to a company was given today. Supreme Court today has stayed the Allahabad NCLT (National Company Law Tribunal) order declaring Jaypee Infratech as insolvent. The court gave the above orders during hearing the pleas filed by home buyers. They have argued that they are yet to receive possession of their flats from estate firm Jaypee Infratech.

petitioners have argued that 32000 peoples savings would be affected if the company is declared as insolvent by NCLT. Earlier National Company Law Tribunal (NCLT) Allahabad bench has declared Jaypee Infratech as insolvent on the petition filed by the IDBI Bank under Insolvency and Bankruptcy Code 2016. currently, the company owes Rs. 8,500 crore loan to IDBI Bank.