Considering the Jaypee fiasco, can RERA protect homebuyers when the company is undergoing insolvency proceedings? On the petition filed by IDBI bank, insolvency proceedings have commenced against Jaypee Infratech. Insolvency refers to a situation where the company is unable to repay its debt.
Jaypee Infratech Ltd. is the subsidiary company of Jaypee Group which is engaged in infrastructure projects and has developed the 165 kilometer long Yamuna Expressway, Wish Town project in sector 128 of NOIDA. Jaypee Infratech is under heavy debt of around Rs.8,000 crore. The company owes Rs. 526 crore to IDBI bank. Considering this, IDBI bank has filed a petition before National Company Law tribunal (NCLT) to initiate insolvency proceed…
Read the full article at: https://www.thebetterindia.com/112735/does-rera-have-power-over-companies-declared-insolvent/