Chartered Accountants for carry out insolvency proceedings and the August 9 order had also prohibited the institution of suits or continuation of pending suit or proceedings against the Jaypee Infratech.Y.M.New Delhi, Sep 5 (IANS) The Supreme Court will hear on September 11, state-run IDBIs plea seeking restoration of insolvency proceedings against Jaypee Infratech that was put on hold a day ago by the top court on the plea of flat buyers who fall in the category of unsecured creditors.Seeking an urgent hearing, IDBI counsel Abhishek Manu Singhvi told the court that the stay of the National Company Law Tribunal (NCLT) order has benefited the defaulting company more than the flat buyers. These are home buyers who are unsecured creditors. IANSpk/vdPost Source: Ians feed.However, IDBIs plea was opposed by the flat buyers who contended that the September 4 order turbomachinery bearinghas benefited Jaypee Infratech and its reversal would only benefit the bank. Khanwilkar and Justice D.
The order had also barred the execution of any judgment, decree order by any court of law, tribunal, arbitration panel or other authority having any bearing on the assets of the Jaypee Infratech.It has been contended by the unsecured creditors that if the proceedings that have been ordered by the NCLT reaches its conclusion and results in liquidation of the assets, then compared to operational and financial creditors, they would get peanuts.However, the stay of NCLT order came as a relief to the home buyers, falling under the category of unsecured creditors, in 27 housing projects of the Jaypee Infratech as now they can approach the consumer courts for the redressal of their grievances.The NCLTs Allahabad bench had, by its August 9 order on the banks plea, appointed an insolvency resolution professional to start proceedings to recover the banks Rs 526 crore from Jaypee Infratech as it had defaulted on the repayment.
A bench of Chief Justice Dipak Misra, Justice A. Chandrachud on Tuesday agreed to hear the matter as the bank told the court that its September 4 order had put the control of the company back with its promoters.This effectively meant that aggrieved buyers of flats at the projects of Jaypee Infratech could not move the consumer fora for the redressal of their grievances.The NCLT appointed Anuj Jain of Gurugram-based BSRR Co