Recently, the National Company Law Tribunal initiated the process of declaring JP Infratech as a bankrupt. This decision was challenged by the JP Group in the Supreme Court and now the Supreme Court has stayed the decision of the National Company Law Tribunal. Its direct meaning is that now the process of declaring bankruptcy of JP Infratech has to stop.
This decision of the Supreme Court has given the relief to the buyers. Investors have also taken the relief. The process of declaring bankruptcies is quite long. Under this, JP Infratech was received 270 days time. The company was told that it would improve its economic status during this period. If the company succeeds in improving its economic condition then it will not be declared bankruptcy.