 "Jaypee")
In a relief to Jaiprakash Associates, the National Company Law Appellate Tribunal today stayed the NCLT order which had directed the realty firm to return nearly 760-acre land to its subsidiary Jaypee Infratech.
The appellate tribunal also admitted the petition filed by the three lenders — Axis Bank, Standard Chartered Bank and ICICI Bank, and issued notices to the resolution professional (RP) of the Jaypee Infratech.
A two member NCLAT bench headed by said that the finding of NCLT that fraud has been committed on the mortgaged property by Jaiprakash Associates to the banks was not based on ‘evidence’ or
