Supreme Court To Hear Jaypee Group’s Plea Against NCLAT Order On Friday
A Jaypee Infratech project in Noida. The NCLAT has allowed fresh bidding for debt-ridden Jaypee Infratech. (Photographer: Prashanth Vishwanathan/Bloomberg)

Supreme Court To Hear Jaypee Group’s Plea Against NCLAT Order On Friday

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The Supreme Court has agreed to hear on Friday Jaypee Group’s plea against an NCLAT order that allowed fresh bidding for its debt-laden subsidiary Jaypee Infratech Ltd.

The apex court on Thursday said it will hear a plea of homebuyers, along with the statutory appeal of Jaypee Group, against the July 30 order of the National Company Law Appellate Tribunal.

A bench of Justices AM Khanwilkar and Dinesh Maheshwari delivered the order, after senior advocate Fali S Nariman, appearing for Jaypee Group, told the Supreme Court that a bench headed by Chief Justice Ranjan Gogoi has allowed the listing of the petition on Friday.

Nariman said that since a meeting of Committee of Creditors is scheduled for August 5, this appeal need to be heard urgently.

Additional Solicitor General Madhavi Divan, who is representing the government in the case, told the bench that the Parliament is considering amendments to the Insolvency and Bankruptcy Code, which will address various concerns of homebuyers. She also said that another meeting of various stakeholders with the finance ministry is scheduled for August 5 to resolve taxation and other issues.

The Additional Solicitor General sought 6-8 weeks' adjournment so that authorities can taka a decision in the matter, in the wake of new developments in the finance ministry and changes in India’s bankruptcy laws.

The bench then asked Nariman to mention the matter in the Chief Justice's court for urgent listing of their appeal. Nariman then rushed to the Court of the Chief Justice and mentioned the plea for urgent listing, saying that the issue is of grave importance and required to be heard urgently.

The Chief Justice ordered listing of the plea before an appropriate bench.

At 2:00 pm, Nariman again mentioned the matter before a bench headed by Justice AM Khanwilkar and informed it about the Chief Justice’s order to list the matter for August 2. To this, Khanwilkar said that all the pending petitions in Jaypee Infratech case will be heard together on Friday.

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