The National Company Law Appellate Tribunal (NCLAT) today asked the resolution professional (RP) for Jaypee Infratech to submit details on the progress of the insolvency resolution process of the debt-ridden firm. A two-member bench of the appellate tribunal, headed by Chairman Justice S J Mukhopadhaya, has asked the RP to list out the stage of the corporate insolvency resolution process.
“RP would file a reply with details of resolution plan, including the stage at which it is in currently,” said the NCLAT. It has also sought an answer on whether any plan was with the RP or the committee of creditors (CoC), and whether that particular plan had been accepted or rejected.
The appellate tribunal was hearing a batch of petitions filed by several banks.
The NCLAT has directed the listing on July 20 of the matter in which banks have challenged rights over land mortgaged with them by the corporate debtor. Cases in which banks have challenged alleged fraudulent and undervalued transactions by Jai Prakash Associatess and Jaypee Infra will be heard on August 1.
Source: July 13, 2018, LiveMint