Supreme Court- Pledgee Not A Financial Creditor Under The Insolvency & Bankruptcy Code - Litigation, Mediation & Arbitration mondaq.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mondaq.com Daily Mail and Mail on Sunday newspapers.
Supreme Court
NOIDA: For some 17,000 buyers of Jaypee Wish Town, the wait for a resolution is getting longer. The Supreme Court reserved its judgment in the case on October 8, 2020. Four months since then, buyers have been waiting for an order that could help in the completion of the flats.
The top court took over the case after state-owned NBCC had moved the National Company Law Appellate Tribunal challenging the insolvency resolution at the National Company Law Tribunal over financial obligations, which include a security deposit of Rs 750 crore made by Jaiprakash Associates Limited (JAL) as security in favour of their subsidiary, debt-ridden developer Jaypee Infratech Limited (JIL).
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The Insolvency and Bankruptcy Code stands to be one of the most
direly needed legislation in the wake of the increasing corporate
culture in India. The code makes both individual and corporate
insolvency process comprehensive yet simpler. The code has a very
vast scope and is applicable to the entire range starting from a
farmer to a billionaire businessman, from startups to
well-established gigantic corporate hubs. Corporate defaults run at
micro levels. Even at a micro level of the individual such failures
may very well occur. Due to an unfortunate yet inevitable