The Supreme Court on Monday directed holding companies of Jaypee Infratech to deposit Rs 2,000 crore by October 27, in the latest development in an ongoing suit where homebuyers have challenged the companys move to declare itself bankrupt. Last week, the apex court had stayed insolvency proceedings against Jaypee Infratech.
More than 30,000 buyers of Jaypee Infratech in Noida and Greater Noida are worried that the insolvency proceedings would leave them in a lurch and without a recourse to get either a house or compensation from the company.
Heres all you need to know about the controversy:
What is an insolvency resolution process?
This is a process during which steps are explored for restructuring of the company. It is not a proceeding for…
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