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Jaypee Infratech’s IRP files application before SC; seeks deadline extension till July 7

June 10, 2021 03:06 PM

Jaypee Infratech's IRP files application before SC; seeks deadline extension till July 7
Jaypee Infratech's Interim Resolution Professional (IRP) Anuj Jain has filed an application before the Supreme Court seeking extension

Jaypee Infratech’s Interim Resolution Professional (IRP) Anuj Jain has filed an application before the Supreme Court seeking extension of timeline for completion of its resolution process till the first week of July.

State-owned NBCC and Suraksha group are in the fray to acquire the debt-laden realty firm Jaypee Infratech Ltd (JIL) and complete over 20,000 pending flats for homebuyers. The 45 days’ time granted by the Supreme Court to complete the Corporate Insolvency Resolution Process (CIRP) expired on May 8.

In the last meeting of JIL’s Committee of Creditors (CoC), Jain informed that an application was filed before the court on May 6 to seek an extension by 30 days, sources said. On the instructions of the CoC members, Jain filed another application on June 3 seeking further extension by 30 days. The applications are likely to be heard in the first week of July.

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Jain informed the CoC that the CIRP of JIL has to be completed by July 7, subject to the Supreme Court’s decision on extension of timeline. He also said all decisions taken by the CoC after May 8 related to the approvals of resolution plans submitted by the two contenders will be subject to the decision of the apex court on the two applications filed on May 6 and June 3 seeking extension.

Jaypee Infratech’s Earlier this week, the financial creditors decided to consider the bids of both state-owned NBCC and Suraksha group to acquire the embattled realty firm at their next meeting scheduled on June 10 (Thursday).

Just before the start of the meeting of the CoC on Monday, Suraksha group submitted its revised bid, offering more funds to banks while reducing the timeline to complete some stalled projects for benefit of homebuyers.

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