The operational creditors wanted to be treated at par with secured creditors like banks and financial institution who have first claim over the money coming through the proceedings under the insolvency law.
The company had been losing employees since the Harvey Weinstein sexual harassment scandal broke last October - the number has reduced to less than 70 this week from 140 staffers. The layoffs represent nearly a third of the remaining workforce.
More than 30,000 homebuyers of as many as 27 Jaypee projects in Noida and Greater Noida who are left in lurch after the NCLT admitted a plea of the IDBI for initiating insolvency proceedings against the company.
Around 32,000 homebuyers of as many as 27 Jaypee projects are left in lurch after the NCLT admitted a plea of the IDBI Bank for initiating insolvency proceedings against the debt-ridden company for defaulting on Rs 526-crore loan.