On 24 March 2021, a three-judge bench of the Supreme Court of India in the matter of Jaypee Kensington Boulevard Apartments v NBCC India Ltd & Ors did not approve the resolution plan submitted by NBCC India Limited (NBCC) for Jaypee Infratech Limited (JIL) and remanded the matter back to the Committee of Creditors (CoC) of JIL, to complete its corporate insolvency resolution process (CIRP) (Judgement) within 45 days, by inviting fresh/modified resolution plans from the resolution applicants who had previously participated in JIL’s CIRP.
The Judgement discusses various important provisions of the Insolvency and Bankruptcy Code, 2016 (Code), including the jurisdiction of adjudicating authorities to modify a resolution plan, payments to dissenting financial creditors and also sets out guiding principles to a legally compliant resolution plan.
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