IDBI seeks restoration of insolvency proceedings against Jaypee Infratech, SC to hear plea on 11th

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The Supreme Court will hear on September 11, the IDBI’s plea seeking restoration of insolvency proceedings against the 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.

However, the IDBI’s plea was opposed by the flat buyers who contended that the September 4 order has benefited Jaypee Infratech and its reversal would only benefit the bank.

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