Photo: Pradeep Gaur/Mint
New Delhi: The Insolvency and Bankruptcy Board of India and the insolvency resolution professional for Jaypee Infratech Limited (JIL) urged the Supreme Court on Wednesday to revive corporate insolvency resolution process for the debt-ridden company and constitute a fresh committee of creditors in the light of the peculiar facts of the case.
Additional Solicitor General Tushar Mehta, who appeared for the Insolvency Board, submitted that the case involved genuine interests of homebuyers and must be decided by the National Company Law Tribunal (NCLT) as per the statutory framework.
Mehta reiterated that according to the new amendment to the insolvency code, homebuyers qualified as financial creditors and could be part…
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