NCLT consults Centre, bankruptcy board to resolve Jaypee Infra deadlock

Response of home buyers, accounting for 58.1% of votes, is poor

In the matter between IDBI Bank and Jaypee Infratech, the National Company Law Tribunal’s (NCLT) New Delhi Bench has sought views from the government and Insolvency and Bankruptcy Board of India (IBBI) on ways to resolve the deadlock in the resolution process. 

Majority of the resolutions brought in by the resolution professional (RP) in the committee of creditors’ (CoC) meeting have been rejected and the corporate insolvency resolution process (CIRP) is virtually at a standstill. 

In case of Jaypee Infratech, home buyers, too, are part of the CoC, along with lenders. 

The matter was referred to the New Delhi Bench after both the