SC stays insolvency proceedings against Jaypee Infratech

The Supreme Court has stayed the insolvency proceedings against real estate firm Jaypee Infratech at the National Company Law Tribunal, NCLT and sought the firm's response on a plea seeking protection of the interests of hassled home buyers who have neither got homes,nor their money back.

A bench headed by Chief Justice Dipak Misra,justices A M Khanwilkar and D Y Chandrachud, passed a stay order on the proceedings at NCLT, Allahabad. The bench also



asked Attorney General K K Venugopal to assist it in deciding a batch of petitions opposing the insolvency proceedings and seeking protection of the home buyers' interests.

The NCLT at Allahabad had initiated the insolvency proceedings against Jaypee Infratech based on IDBI's charge that the company has defaulted in loan repayment. Around 32,000 persons had booked flats in the projects of Jaypee Infratech.