The court ruling followed an appeal by homebuyers after IDBI Bank filed to start insolvency proceedings in August against Jaypee Infratech.Jaypee Group managing director Suren Jain and the Lodha Group declined to comment on the bids for Jaypee Infratech. NCLT had appointed Anuj Jain as the interim resolution professional (IRP) to carry out proceedings under the Insolvency and Bankruptcy Code. But in September, the Supreme Court stayed the process after Jaypee Infratech homebuyers appealed. "Any premium road project or swanky housing properties should generate good returns over a period of time if they are operated in the right fashion. The group is now in the process of filing a resolution plan before the Supreme Court, which is expected to ensure a debt restructuring process, enabling the defaulting borrower to meet its obligation.

Source: Economic Times January 08, 2018 01:07 UTC