SC stays insolvency proceedings against Jaypee Infratech
The Supreme Court on Monday stayed an order passed by the National Company Law Tribunal (NCLT), which initiated insolvency proceedings against Jaypee Infratech. The order came after a PIL was filed by homebuyers. The PIL alleged that homebuyers had not received the flats, and the insolvency proceedings initiated against the company will render over 30,000 homebuyers without any remedy.