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The corporate Insolvency Resolution Process (CIRP) against JIL was started in August 2017 over an application by an IDBI Bank-led consortium. Photo: Wikimedia Commons
Insolvency appellate tribunal NCLAT on Friday upheld Suraksha Realty’s bid to acquire debt-ridden Jaypee Infratech but asked it to pay an additional Rs 1,334 crore as farmers’ compensation — a development expected to bring relief for over 20,000 homebuyers stuck in various real estate projects.
Upholding the National Company Law Tribunal’s (NCLT) decision of March 2023, the NCLAT said the decision was to avoid any further delay in the implementation of the resolution plan and also to take care of the interest…
Read the full article at: https://www.business-standard.com/companies/news/nclat-upholds-nclt-order-on-jaypee-infra-asks-suraksha-to-pay-rs-1-300-cr-124052400858_1.html