NCLAT asks lenders of Jaypee Infratech to summarize their financial claims

The National Company Law Appellate Tribunal (NCLAT) on Thursday asked all the financial creditors and the resolution professional (RP) for Jaypee Infratech to submit a summarized document on their financial claims by 20 December after which it’ll decide on the matter. A two-member bench of the appellate tribunal, headed by Justice S J Mukhopadhaya, was hearing a batch of petitions filed by several banks, including State Bank of India, ICICI Bank Ltd., Standard Chartered Bank and Axis Bank Ltd. All the banks should prepare a common chart entailing the name of the bank, what asset is mortgaged, date of mortgage and date of filing of application under provisions of the court, said the bench. The appellate tribunal has also sought written submissions from each bank on what they mean by preferential transaction. The RP on the other hand will have to summarize the details provided by each bank. The bench was hearing cases in which banks have challenged rights over land mortgaged with them by the corporate debtor.

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