Setback for Jaypee Group, SC orders fresh resolution process against JIL
New Delhi, Aug 9 (DIN NEWS) In a setback to the Jaypee Group, the Supreme Court today ordered re-commencement of resolution process against Jaypee Infratech Ltd (JIL) and barred the firm, its holding company and their promoters from participating in the fresh bidding process. The apex court also allowed the Reserve Bank of India (RBI) to direct the banks to initiate corporate insolvency resolution proceedings (CIRP) against Jaiprakash Associates Ltd (JAL), the holding company of JIL, under the Insolvency and Bankruptcy Code (IBC). A bench headed by Chief Justice Dipak…
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