In a setback to the Jaypee group, the Supreme Court today asked the National Company Law Tribunal (NCLT), Allahabad, to deal with the insolvency proceedings against Jaypee Infratech Ltd (JIL) and barred the group or its promoters from participating in the fresh bidding process.
A bench headed by Chief Justice Dipak Misra said the limitation period of 180 days to conclude the insolvency proceedings will commence from today.
The bench, also comprising Justices A M Khanwilkar and D Y Chandrachud, said the Rs 750 crore deposited by the JIL in the apex court shall be transferred to NCLT Allahabad.
The top court also allowed the Reserve Bank of India (RBI) to direct the banks to initiate separate insolvency proceedings against JIL’s holdin…
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