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NCLAT asks Jaypee Infratech's RP to submit status report

The National Company Law Appellate Tribunal (NCLAT) today asked the resolution professional (RP) of Jaypee Infratech to submit details on the progress of the insolvency resolution process of the debt-ridden firm.


PTI 13 Jul 2018, 12:54 PM India
NCLAT asks Jaypee Infratech's RP to submit status report
  • "RP would file a reply with details of resolution plan including the stage at which it is in currently," said NCLAT. (Image Credit: Twitter)

The National Company Law Appellate Tribunal (NCLAT) today asked the resolution professional (RP) of Jaypee Infratech to submit details on the progress of the insolvency resolution process of the debt-ridden firm.

A two-member bench of the appellate tribunal, headed by Chairman Justice S J Mukhopadhaya, has asked the RP to list out the stage of the corporate insolvency resolution process.

"RP would file a reply with details of resolution plan including the stage at which it is in currently," said NCLAT.

It has also asked to answer whether any plan is with the RP or the committee of creditors (CoC), and whether that particular plan has been accepted or rejected.

The appellate tribunal was hearing a batch of petitions filed by several banks.

NCLAT has directed to list the matter in which banks have challenged their rights over the land mortgaged with them by the corporate debtor on July 20.

However, cases in which banks have challenged alleged fraudulent and undervalued transactions done by Jai Prakash Associates and Jaypee Infra will be heard on August 1.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)