NEW DELHI | MUMBAI: The threat of liquidation hangs over Jaypee Infratech after the Interim Resolution Professional (IRP) told the Supreme Court on Friday that the bankruptcy resolution process at the debt-laden realtor had failed to stitch together a revival plan before the clock ran out.
According to the Insolvency and Bankruptcy Code, 2016, a resolution plan must be finalised and approved within 270 days of a companys admission to the National Company Law Tribunal: That deadline ended Saturday.
The development at the apex court follows the committee of creditors decision, earlier this week, to reject the highest offer from Lakshadweep, a joint venture between Suraksha Asset Reconstruction and Mumbai builder Dosti Realty. Jaypee Infr…
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