Moneycontrol News
Vandana Ramnani
In a big setback to homebuyers of Jaypee group, the Allahabad bench of the National Company Law Tribunal on Wednesday declared Jaypee Infratech as an insolvent company. Homebuyers are unsure whether they will get their homes for which they have been waiting for years and have invested their life-long earnings.
What has happened? The NCLT has appointed insolvency professional Anuj Jain as CEO of Jaypee Infratech. As of now the board of directors of the company has been suspended. Jain will now sit with Jaypees creditors to see if a resolution of the companys debt is possible. He will be given six months to revive the company. This period can be extendable by another three months.
Homebuyers …
Read the full article at: http://www.moneycontrol.com/news/business/real-estate/nclt-declares-jaypee-infratech-insolvent-heres-what-homebuyers-should-do-2357269.html