SC set aside NCLAT order in the matter of Jaypee Infratech Vs Axis Bank

Anuj Jain Interim Resolution Professional for Jaypee Infratech Limited Vs Axis Bank Limited Etc. Etc (Supreme Court) While setting aside the judgment dated 1st August, 2019 of the NCLAT on avoidance of certain transactions under section 43, 45 and 66 of the Code whereby CD had mortgaged its properties for the financial assistance to JAL (holding company), the Hon’ble Supreme Court settled several issues and made important rulings as under: Sl. No. Issue/ Theme Rulings Para / Page No. 1. Analysis of sections 43 and 44. a. Provisions of sections 43 and 44 need to be strictly construed to...