The wait gets longer for lenders, homebuyers in Jaypee Infratech resolution

March 31 deadline for Rs 22,600 cr debt resolution missed as litigation delays process; matter has been dragging on for five years instead of six-month deadline under IBC

The lenders of Jaypee Infratech, a Delhi-based bankrupt real estate firm, have missed the deadline of March 31 for the Rs 22,600 crore debt resolution with litigation delaying the process.

The matter will be heard on April 4 by the NCLT principal bench, New Delhi. “Jaypee was one of the first companies to be sent for debt resolution in August 2017. The resolution is now delayed by five years instead of six months’ deadline set under the Insolvency and Bankruptcy Code, 2016,” said a source close to the development.

Suraksha Realty had made the winning offer of Rs 7,736 crore