On August 9, the Allahabad bench of National Company Law Tribunal (NCLT) admitted an insolvency plea of IDBI Bank relating to default of Rs 526.11 crore loan by Jaypee Infratech in its Wishtown project in Noida.
NCLT has appointed Anuj Jain as the Interim Resolution Professional (IRP) to carry out the proceedings under the Insolvency and Bankruptcy Code. Jain has been given six months to revive the company by paying back debts to financial creditors and homes to buyers. The period can be extended by three more months. If Jain is unable to revive the projects, assets of Jaypee Infratech will be sold and recovered money will be distributed among creditors including homebuyers.
The NCLT has asked the homebuyers to file their claims by Augus…
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