NEW DELHI: The insolvency resolution professional (IRP) handling the Jaypee Infratech case has ruled out the possibility of home buyers getting refunds, but has assured efforts are being made to ensure the continuation of project development.
The Allahabad bench of the National Company Law Tribunal (NCLT) on August 9 classified Jaypee Infratech as insolvent on the petition filed by IDBI Bank under Section 7 of Insolvency and Bankruptcy Code 2016.
According to the order, Jaypee Infratech has defaulted on Rs 526.11-crore loan outstanding to IDBI Bank. The latest move by NCLT against Jaypee Infratech has left around 32,000 home buyers in the lurch. NCLT has now appointed Anuj Jain as the IRP to carry out the proceedings under the Insolv…
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