NCLAT sets aside insolvency proceedings against Jaypee Healthcare
This story was originally published at 21:12 IST on 17 October 2024
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NEW DELHI – The National Company Law Appellate Tribunal on Thursday set aside the National Company Law Tribunal's order to start insolvency proceedings against Jaypee Healthcare Ltd. In June, the Allahabad bench of the tribunal had started insolvency proceeding against Jaypee Healthcare on a petition by J.C. Flower Asset Reconstruction Pvt. Ltd.
The appellate tribunal noted that the settlement amount of INR 10.35 billion had been deposited to Jaypee Healthcare's account, which was subsequently distributed to the financial creditors of the company. "In view of the fact that the entire claim has now been satisfied and the amount deposited has been disbursed, we see no reason to continue the CIRP (corporate insolvency resolution process) any further," said the appellate tribunal.
Jaypee Healthcare has two operational hospitals--500-bed Jaypee Hospital, Noida, and 200-bed Jaypee Hospital Bulandshahr--built on land parcels of 18 acres and 5.75 acres, respectively. It also owns a 100-bed hospital at Anoopshahar, which is not operational yet.
The appellate tribunal was hearing petitions by Suraksha Realty Ltd. and Lakshdeep Investments and Finance Pvt. Ltd., the successful resolution applicant of Jaypee Infratech Ltd., which is the holding company of Jaypee Healthcare. The petitioners wanted to amicably resolve the alleged debts of Jaypee Healthcare in terms of the approved resolution plan. End
Reported by Surya Tripathi
Edited by Deepshikha Bhardwaj
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