IT dept challenges NCLT order approving Suraksha Group' bid for Jaypee Infratech
2 min read . Updated: 11 Apr 2023, 05:33 AM IST
PremiumAs per Sources, the department did not make any plea when the case was being heard by the NCLT's Delhi bench and the latest move is surprising.
The Income Tax Department filed an appeal against the National Company Law Tribunal (NCLT) approving Suraksha Group's bid to buy Jaypee Infratech Ltd (JIL) under the insolvency resolution process, news agency PTI has reported citing sources.
Sources told PTI that the I-T Department has filed the petition before the National Company Law Appellate Tribunal (NCLAT) against the NCLT order regarding certain claims.
The department did not make any plea when the case was being heard by the NCLT's Delhi bench and the latest move is surprising, the sources added.
According to the sources, the plea is expected to come up for hearing before the appellate tribunal next week. The department's petition is the fourth plea filed by an entity against the NCLT order passed.
On 7 March, the NCLT had approved Suraksha Group's bid to acquire JIL and complete around 20,000 flats across various projects in Noida and Greater Noida, Uttar Pradesh.
“Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR) and in accordance with the requirements of Schedule III, this is to inform that the matter along with related matters is further listed for order(s)/appropriate directions before Hon’ble National Company Law Tribunal, Principal Bench, New Delhi on 7th March, 2023." said Jaypee Infratech Ltd had said in a regulatory filing. Prior to that on 22 November last year, the tribunal had reserved its decision regarding a petition submitted by the JIL resolution professional asking for approval for Suraksha group's bid to wrap up roughly 20,000 flats across numerous abandoned projects in Noida and Greater Noida
Meanwhile, Jaiprakash Associates Ltd and its promoter Manoj Gaur approached NCLAT against the NCLT order relating to the distribution of ₹750 crore in the Jaypee Infratech matter. The amount was deposited with the Supreme Court registry by Jaiprakash Associates Ltd (JAL), the erstwhile promoter of JIL, which has been going through insolvency proceedings since August 2017.
Yamuna Expressway Industrial Development Authority (YEIDA) has also moved NCLAT as its claims for additional compensation payable to the farmers and others, were rejected by the NCLT while approving the resolution plan of Suraksha Group.
(With inputs from PTI)