New Delhi, August 3
The Supreme Court today ordered status quo for two weeks on Jaypee Group’s plea against NCLAT order which allowed fresh bidding for debt-laden Jaypee Infratech.
A Bench of justices AM Khanwilkar and Dinesh Maheshwari ordered status quo after the apex court was informed that Parliament had passed the proposed amendments in the Insolvency and Bankruptcy Code.
“We have not seen the amendment, let it come and we will see,” the Bench said.
On July 30, the National Company Law Appellate Tribunal (NCLAT) had allowed fresh bidding for the cash-strapped Jaypee Infratech but barred its promoter Jaypee Group from participating in the auction.
To enable the fresh bidding process, the NCLAT extended the resolution period of Jaypee Infratech for another 90 days.
