NEW DELHI: The National Company Law Tribunal on Tuesday approved NBCC’s offer to take over Jaypee Infratech, which has to deliver apartments, plots and villas to nearly 21,000 homebuyers.
NCLT’s principal bench, headed by acting president BSV Prakash Kumar, approved the PSU’s proposal to take over the company, along with the Taj Expressway, with certain conditions. The details would be known once the written order is issued.
The tribunal ruled the Rs 750-crore deposited by JIL’s promoter Jaiprakash Associates Ltd (JAL) with the Supreme Court registry will be returned to JIL and be part of the resolution plan.
Jaypee buyers hope NBCC will stick to 2024 deadline
It makes more attractive proposition for NBCC. Last week, the apex court had ruled that 858 acres of JIL land was wrongfully mortgaged by JAL to secure its bank loans.
The NCLT ruling came just ahead of the expiry of the SC deadline for deciding on the case that has been through various legal forums since the government and RBI ordered insolvency proceedings against 12 high-profile companies, including JIL, in August 2017.
Government sources, who have been closely monitoring the case given the massive public interest, said it could take a few months for final commencement of work on the ground as any of the parties in the long-drawn legal battle can appeal against the NCLT ruling in the National Company Law Appellate Tribunal or SC.
Homebuyers, some of whom have been waiting to get their apartments for a decade, were elated by the decision and hoped that NBCC could stick to the schedule and complete construction by mid-2024.
For the government too, it has been an arduous battle with finance minister Nirmala Sitharaman stepping in a few months ago with the corporate affairs and urban development ministries joining hands to ensure that NBCC came on board, while the lenders and UP government agencies were also on the same page.
NCLT’s principal bench, headed by acting president BSV Prakash Kumar, approved the PSU’s proposal to take over the company, along with the Taj Expressway, with certain conditions. The details would be known once the written order is issued.
The tribunal ruled the Rs 750-crore deposited by JIL’s promoter Jaiprakash Associates Ltd (JAL) with the Supreme Court registry will be returned to JIL and be part of the resolution plan.
Jaypee buyers hope NBCC will stick to 2024 deadline
It makes more attractive proposition for NBCC. Last week, the apex court had ruled that 858 acres of JIL land was wrongfully mortgaged by JAL to secure its bank loans.
The NCLT ruling came just ahead of the expiry of the SC deadline for deciding on the case that has been through various legal forums since the government and RBI ordered insolvency proceedings against 12 high-profile companies, including JIL, in August 2017.
Government sources, who have been closely monitoring the case given the massive public interest, said it could take a few months for final commencement of work on the ground as any of the parties in the long-drawn legal battle can appeal against the NCLT ruling in the National Company Law Appellate Tribunal or SC.
Homebuyers, some of whom have been waiting to get their apartments for a decade, were elated by the decision and hoped that NBCC could stick to the schedule and complete construction by mid-2024.
For the government too, it has been an arduous battle with finance minister Nirmala Sitharaman stepping in a few months ago with the corporate affairs and urban development ministries joining hands to ensure that NBCC came on board, while the lenders and UP government agencies were also on the same page.
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