The Supreme Court on Thursday pronounced that a promoters of Jaiprakash Associates can't bid for Jaypee Infratech, that is confronting penury record before a National Company Law Tribunal (NCLT).
Rejecting Jaypee Associates defence to bid, a dais of Chief Justice Dipak Misra, Justice A.M. Khanwilkar and Justice D.Y. Chandrachud authorised a NCLT to proceed.
Taking chance to Article 142 of a Constitution that confers full powers to a tip justice to waves over any situation, a justice pronounced that a imperative duration of 180 days to finish a penury record by a Interim Resolution Professional would embark from Aug 9.
The justice also destined a structure of a new Committee of Creditors (CoC) that would embody a member of a home buyers who are now been recognized as operational creditors underneath a nice Insolvency and Bankruptcy Code (IBC).
While directing a send of Rs 750 crore that were deposited by a Jaiprakash Associates to a NCLT, a justice authorised a focus of Reserve Bank of India (RBI) to ask a banks to trigger penury record opposite Jaiprakash Associates.