In Brief
Jaypee Infratech Ltd., a real-estate company, faced insolvency proceedings affecting over 20,000 home buyers. The statutory 270-day resolution timeline expired while procedural issues—how to count voting shares of home buyers as creditors—remained pending. The Supreme Court, invoking Article 142 of the Constitution, extended the deadline by 90 days and permitted two shortlisted bidders to resubmit revised resolution plans for reconsideration. The Court emphasized this extraordinary relief was justified because delays resulted from law's delay, not party defaults, and all stakeholders unanimously opposed liquidation. The Court declined to recognize any general NCLT/NCLAT power to extend timelines, limiting this decision to exceptional circumstances.
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