The Supreme Court on Wednesday directed Jaiprakash Associates (JAL), the parent company of Jaypee Infratech (JIL), to deposit Rs 1,000 crore by June 15 for refunding their homebuyers, failing which all the statutory proceedings will continue against the latter. However, it directed stay of the liquidation proceedings against JIL as it realised that such proceedings “will not help anyone”. Resolution professional (RP) Anuj Jain has also been asked to continue in the management, as per the SC order.
The stay order on liquidation and other statutory proceedings was necessitated in view of expiry of the statutory period of 270 days within which the RP should have finalised the resolution plan under the Insolvency and Bankruptcy Code of India, 2016.
With Wednesday’s order, the RP and committee of creditors (CoC) of JIL, which is facing insolvency proceedings, can now ask the present three shortlisted bidders — Lakshadweep Investments & Finance (the highest bidder), the Adani Group and Cube Highways — to file revised bids so as to arrive at a viable resolution plan. FE