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Jaypee Infratech, other homebuyers could derail NCLT; solution could cause them massive losses

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Just when it seemed the Supreme Court (SC) had given the insolvency process a big boost through the Innoventive Industries judgment last week, the stay on the judgment of the Allahabad bench of the National Company Law Tribunal (NCLT)—at the behest of buyers who had not got their flats from Jaypee Infratech—threatens to derail the process. And, from the point of view of the home-buyers, if the SC stay in the Jaypee-IDBI Bank case looked like a victory, the case has taken a fresh turn with IDBI Bank asking the apex court to restore insolvency proceedings which had been ordered by the Allahabad bench. From the point of view of the lenders, it is a lot easier to try and recover dues via the Insolvency and Bankruptcy (I&B) Code, 2016. Once an insolvency petition has been admitted,........

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