Insolvency: Jaypee should be directed to finish projects, say homebuyers

It pleaded that the NCLT, Allahabad, be restrained from proceeding on the matter until the Supreme Court order

Homebuyers of Jaypee Infratech Ltd (JIL) want the National Company Law Tribunal (NCLT) or the Supreme Court to find a solution to the company’s financial difficulties other than liquidating its assets.

Chances of liquidation increased after the committee of creditors (CoC) rejected the Rs 73.5-billion bid by the highest bidder, Lakshadweep Pvt Ltd, a joint venture between Suraksha Asset Reconstruction Company and Mumbai-based Dosti Realty.

Meanwhile, Jayprakash Associates Ltd on Wednesday filed a special leave petition before the Supreme Court, asking it to consider its offer to the committee of creditors (CoC) earlier. 

It pleaded that the NCLT, Allahabad, be restrained from proceeding