The code doesn’t recognise homebuyers’ as creditors nor has it any provision to represent them in resolution proceedings. Insolvency proceedings against Jaypee were admitted by the Allahabad bench of national company law tribunal on August 9 after IDBI Bank, the lead consortium of lenders to the construction firm,
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Crisis-hit Jaiprakash Associates Ltd (JAL) today said the company provided certain land parcels of its subsidiary Jaypee Infratech as additional collateral to its lenders and the mortgage.
Jaypee homebuyers get big relief as Supreme Court stays NCLT insolvency order against builder The Supreme Court has stayed the NCLT order for initiating insolvency proceedings against the Jaypee Infratech giving a major relief to more than 30,000 homebuyers.
It was only last week that the Insolvency and Bankruptcy Code, 2016 (the "Code") and the insolvency proceedings initiated thereunder received a fillip from the Supreme Court in Innoventive Industries Limited v. icici bank (discussed here). Within a matter of a few days, a contrary result emerged from the Supreme Court in Chitra Sharma v.
Senior advocate Ajit Sinha, appearing for some homebuyers, pleaded that after initiation of insolvency proceedings against Jaypee Infratech, the corporate affairs ministry has asked homebuyers to sign a specified form under Section 14 of Insolvency and Bankruptcy Code by Thursday and pleaded the court to pass interim order to stay the proceedings.
The Allahabad bench of the NCLT classified Jaypee Infratech as insolvent on August 9 on a petition filed by IDBI Bank under the Insolvency and Bankruptcy Code 2016. Jaypee had defaulted on a Rs 526 crore loan by the bank.
History of the Jaypee Group’s crisis The Allahabad bench of the National Company Law Tribunal (NCLT), on August 9, 2017, admitted a petition by IDBI Bank, to initiate insolvency proceedings against Jaypee Infratech and approved the appointment of an interim resolution professional.
The Supreme Court on Thursday said it would intervene to protect Jaypee homebuyers if the resolution plan under the insolvency proceedings failed. It may step in to stop liquidation of the company.
EB-5 is at a crossroads “Loan Model” vs. “Equity Model” eb-5 regional center investments. The basic framework of the EB-5 regulations requires that an investor make an “equity” investment into a qualifying EB-5 program. A loan to a project with a guarantee of repayment does not.