Homebuyers move Supreme court against Jaypee liquidation

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Published: July 3, 2019 12:13:59 AM

The homebuyers have also sought an “independent and thorough forensic audit of JIL”, since its incorporation so as to track diversion of funds.

Jaypee Infratech, Jaypee Infratech insolvency, Jaypee Insolvency, supreme court, National Company Law TribunalA bench led by Justice AM Khanwilkar on Tuesday asked the homebuyers to give a copy of their application to the counsel of the IBBI and the resolution professional (RP). (reuters)

Homebuyers have moved the Supreme Court seeking a direction against liquidation of Jaypee Infratech (JIL) after the statutory period of 270 days for the corporate insolvency resolution process expired in May. However, the National Company Law Tribunal (NCLT) has excluded the company from such a deadline as a resolution plan is currently being explored.

The homebuyers have also sought an “independent and thorough forensic audit of JIL”, since its incorporation so as to track diversion of funds. A bench led by Justice AM Khanwilkar on Tuesday asked the homebuyers to give a copy of their application to the counsel of the Insolvency and Bankruptcy Board of India (IBBI) and the resolution professional (RP). It also listed the matter for hearing next week.

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