The Supreme Court’s decision to stay the order passed by the Allahabad Bench of the National Company Law Tribunal (NCLT), which initiated insolvency proceedings against Jaypee Infratech, has come in for some sharp criticism. Even senior officials in the corridors of power say that the decision would only help in derailing the insolvency process, as some of the big bad boys in India Inc would take advantage of the ruling by the country’s apex court to delay efforts to oust them from their companies.
Such criticism is unwarranted. For one, the ruling will not affect other insolvency cases, as the Jaypee
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