Home buyers protest as builder Jaypee Infratech is declared bankrupt

Jaypee Infratech first real estate company to receive time to clear debts under bankruptcy code

The Bench said in its statement, "Consequent upon withdrawal of objections filed by the company, NCLT, Allahabad Bench has on August 9 pronounced operating portion of its order admitting the petition of IDBI Bank Ltd BSE -2.23 % filed under Section 7 of Insolvency and Bankruptcy Code 2016 and appointing Interim Resolution Professional".

According to a report in a media outlet, the buyers have two weeks to raise claims their claims on the property. The flat buyers, banks-who had given loans to creditors, vendors and employees have now been given time to recover dues from the Jaypee builders for the same.

Jaypee's 800-acre Wish Town in Sector 128, Noida, which has around 32,000 apartments is also among their pending real estate projects. He has been delegated the authority to restore the company in 6 months.

MTU Aero Engines AG's (MTUAY) "Neutral" Rating Reaffirmed at DZ Bank AG
Nine research analysts have rated the stock with a hold rating and six have given a buy rating to the company. MTU Aero Engines AG now has a consensus rating of "Hold" and an average price target of €134.88 ($158.68).

National Company Law Tribunal has appointed Anuj Jain as the CEO of the company, who will have a time period of six month to revive the company, although the deadline can be further extended by three months, the company will have to sell its assets if it is still not able to repay the bank's money.

It was discovered that the company is going through the debt of around Rs 8,000 crore. Infuriated over the bankruptcy of the builder, the protestors now question the credibility of the company.

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