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Homeless House owners- The JIL Bankruptcy

Courtesy/By: Utkarsh Yadav | 19 Aug 2018

One of the biggest ongoing lawsuits regarding insolvency is the Jaypee Infratech Ltd bankruptcy case. The case, which is being heard by the Apex court bench comprising of CJI Dipak Misra and senior judges- Justice A M Khanwilkar and Justice D Y Chandrachund, has a liability of more than Rs. 30,000 Cr. In tune of the firm JAL (Jaiprakash Associate Limited), the holding company of JIL. The Supreme Court has delegated the supervision of the insolvency proceedings against both the companies to the NCLT(National Company Law Tribunal) as well as the RBI. The first stone to shatter the windows of the debt ridden company was an application by IDBI bank, in which the bank highlighted the inability of JIL to fulfil the loan taken by it amounting to Rs. 526 Cr. The application to initiate insolvency proceedings was directed to the NCLT.

Other than the banks, other financial grievers such as stakeholders and customers, were granted some “temporary reliefs” by the order of the Court. The latter, who are about 32000 in number, had booked flats and are now paying instalments.

The firm of JIL requested the court to be allowed to liquidate its assets in order to reimburse the wronged customers. A sum of Rs. 750 Cr has been already deposited by the company, and an additional sum of Rs. 600 Cr is required just to pay off the principal amount back to the home buyers.

Courtesy/By: Utkarsh Yadav | 19 Aug 2018