Stating that an insolvent company cannot place a bid for another insolvent company, as many as nine associations of Jaypee homebuyers representing about 5,000 people, have opposed Jaiprakash Associates (JAL) proposal to reacquire Jaypee Infratech Ltd (JIL).
The counsel for homebuyers argued before the Supreme Court on July 17 that JAL does not have the financial capacity to deliver flats to owners and that a new promoter needs to be inducted for the resolution of JIL. The counsel added that the proposal submitted by JAL on July 16 should be rejected as it is “flawed”.
Homebuyers sought an extension of the insolvency resolution period by 45 to 60 days for the induction of a new promoter, lawyers present at the hearing…
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