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IDBI seeks vacation of stay of insolvency proceedings against Jaypee (Lead)

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New Delhi, Sep 5 (IANS) The Supreme Court will hear on September 11, state-run IDBI’s plea seeking restoration of insolvency proceedings against Jaypee Infratech that was put on hold a day ago by the top court on the plea of flat buyers who fall in the category of unsecured creditors.

A bench of Chief Justice Dipak Misra, Justice A.M. Khanwilkar and Justice D.Y. Chandrachud on Tuesday agreed to hear the matter as the bank told the court that its September 4 order had put the control of the company back with its promoters.

Seeking an urgent hearing, IDBI counsel Abhishek Manu Singhvi told the court that the stay of the National Company Law Tribunal (NCLT) order has benefited the defaulting company more than the flat buyers.

However, IDBI’s plea was opposed by the flat buyers who contended that the September 4 order has benefited Jaypee Infratech and its reversal would only benefit the bank. These are home buyers who are unsecured creditors.

The NCLT’s Allahabad bench had, by its August 9 order on the bank’s plea, appointed an insolvency resolution professional to start proceedings to recover the bank’s Rs 526 crore from Jaypee Infratech as it had defaulted on the repayment.

The NCLT appointed Anuj Jain of Gurugram-based BSRR & Co. Chartered Accountants for carry out insolvency proceedings and the August 9 order had also prohibited the institution of suits or continuation of pending suit or proceedings against the Jaypee Infratech.

The order had also barred the execution of any judgment, decree order by any court of law, tribunal, arbitration panel or other authority having any bearing on the assets of the Jaypee Infratech.

This effectively meant that aggrieved buyers of flats at the projects of Jaypee Infratech could not move the consumer fora for the redressal of their grievances.

It has been contended by the unsecured creditors that if the proceedings that have been ordered by the NCLT reaches its conclusion and results in liquidation of the assets, then compared to operational and financial creditors, they would get “peanuts”.

However, the stay of NCLT order came as a relief to the home buyers, falling under the category of unsecured creditors, in 27 housing projects’ of the Jaypee Infratech as now they can approach the consumer courts for the redressal of their grievances.

–IANS
pk/vd

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Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok

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Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.

The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.

Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.

Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.

For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.

During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.

Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.

Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .

Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.

In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.

During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.

In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.

He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.

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