The Corporate Insolvency Resolution Process (“CIRP”) of a real estate company is fairly divergent from other sectors. The stressed real estate company may have multiple projects that may be at.
In the case of JAL, State Bank of India has the largest debt hold at 26%, followed by ICICI Bank at 19% and IDBI Bank at 11%. The company has total principal outstanding debt of ₹17,700 crore as of March 2023.
A single judge has expressed disagreement with a 2023 opinion by another single judge who said that Allahabad High Court cannot entertain such applications since it does not have "ordinary original civil jurisdiction."
The UP government is preparing a cabinet note on the terms of the resolution plan submitted by Suraksha Group for the revival of Jaypee Infratech Ltd’s Wish Town project in Noida. More than 20,000 delayed flats are to be completed and handed over to buyers.
The ARC will use the funds to make cash payments to banks against the purchase of non-performing loans. NARCL offers 15% of consideration as cash payment, and balance 85% is paid in the form of security receipts paid on recovery of loans or at the end of five years or whichever is earlier.