In Brief
In this writ petition concerning the insolvency of Jaypee Infratech Ltd., the Supreme Court modified its earlier stay order. Rather than keeping the company under management of the erstwhile directors, the Court directed the Interim Resolution Professional to take over and formulate a resolution plan within 45 days. To protect home buyers—predominantly middle and lower income consumers with life savings invested—the Court appointed senior counsel to represent them in creditor committee meetings. The parent company was directed to deposit Rs. 2,000 crores, and certain directors were barred from leaving India, balancing statutory insolvency requirements with consumer protection.
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