Redefining Financial Creditors Under The Insolvency And Bankruptcy Code

The Supreme Court recently released approximately 759 acres of Jaypee Infratech Limited’s (JIL) land in Uttar Pradesh, mortgaged with several banks and financial institutions as security for loans extended to JIL’s parent company Jaiprakash Associates Limited (JAL). The judgement could provide respite to homebuyers, inasmuch as the land can now be used to raise finance for completing JIL’s housing projects.

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