Jaypee Infra lenders ask NBCC to take govt, regulatory nod on resolution business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.
State-owned NBCC and Mumbai-based Suraksha group have submitted revised bids to acquire debt-laden Jaypee Infratech through the insolvency process, as per the direction of the Supreme Court. Last month, the Supreme Court remitted to the Committee of Creditors (CoC) the issue of approval of resolution plan for Jaypee Infratech Ltd (JIL), saying no new expression of interest will be entertained for taking over the firm and only NBCC and Suraksha Realty may file revised proposals. The apex court also directed to extend the resolution process by 45 days.
NBCC and Suraksha group have submitted their resolution plans, Interim Resolution Professional (IRP) Anuj Jain told PTI.
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Synopsis
The company has said in its stock exchange announcement on March 9 that, as per Section 17 of the IBC, the powers of the Board of Directors of the Corporate Debtor stand suspended and such powers shall be-vested with its IRP, Arpan Maheshkumar Shah.
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The dedicated bankruptcy court has admitted the Corporate Insolvency Resolution Process (CIRP) against BSE-listed
“It is made clear that all personnel connected with Corporate Debtor (Manpasand Beverages), its promoter or any other person associated with management of the corporate debtor are under a legal obligation under Section 19 of the Code extend every assistance and cooperation to the Interim Resolution Professional,” said the bench in its order of March 1.
The dedicated bankruptcy court has admitted the Corporate Insolvency Resolution Process (CIRP) against BSE-listed
“It is made clear that all personnel connected with Corporate Debtor (Manpasand Beverages), its promoter or any other person associated with management of the corporate debtor are under a legal obligation under Section 19 of the Code extend every assistance and cooperation to the Interim Resolution Professional,” said the bench in its order of March 1.
The company has said in its stock exchange announcement on March 9 that, as per Section 17 of the IBC, the powers of the Board of Directors of the Corporate Debtor stand suspended and such powers shall be-vested with its IRP, Arpan Maheshkumar Shah.