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Supreme Court orders statu quo for 2 weeks on Jaypee Group plea against NCLAT order

The Supreme Court on Friday 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 A M 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 NCLAT had allowed fresh bidding for the cash-strapped Jaypee Infratech but barred its promoter Jaypee Group from participating in the auction.

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