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Govt May Waive Jaypee Group’s Rs 33,000 Crore Tax Dues to Help Thousands of Stuck Homebuyers

In the new proposal that NBCC plans to submit before the Supreme Court next week, it may propose to keep the entire inventory to itself and sell it in the open market to raise money and bridge the funding gap.

News18.com

Updated:October 11, 2019, 10:06 AM IST
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Govt May Waive Jaypee Group’s Rs 33,000 Crore Tax Dues to Help Thousands of Stuck Homebuyers
Representative image (Reuters)

The government is likely to waive off the tax claims worth Rs.33,000 crore against the Jaypee Group in a bid to address the concerns of thousands of stuck homebuyers.

“The tax department claims of Rs 33,000 crore of pending tax dues are not tenable and soon NBCC will present a government-backed robust resolution plan to the Supreme Court,” sources told CNBC-TV18.

The proposal is likely to be submitted in Supreme Court on October 17, when the next hearing will take place.

In the new proposal that NBCC plans to submit before the Supreme Court next week, it may propose to keep the entire inventory to itself and sell it in the open market to raise money and bridge the funding gap, sources have said.

NBCC had earlier participated in the second round of bidding for the 16 stalled Jaypee Infratech projects. It had proposed infusion of Rs 200 crore as equity and transfer of 950 acres of land worth Rs 5,000 crore to the banks towards settling claims of Rs 23,723 crore. It had earlier promised to complete all the 24,000 units by July 2023.

CNBC-TV18 had earlier reported that Prime Minister’s Office (PMO) and Finance Ministry have given their final nod for state-run NBCC backed resolution for Jaypee homebuyers.

In a closed-door meeting PMO, Finance Ministry, Ministry of Corporate Affairs and Ministry of Housing and Urban Affairs had together asked NBCC to put out a fresh resolution proposal.

“After seeing that it is becoming tough to find a suitable bidder, the government has yet again stepped in to facilitate a robust resolution for Jaypee home-buyers,” a senior government official had said.

At the last Supreme Court hearing, the Jaypee Group had told the apex court that it should also be given a chance to revive Jaypee Infratech and that it was willing to pay back the banks. It also promised to complete all the 27 projects within three years.

The Supreme Court, however, said it would first look at what NBCC had to offer and may then look at Jaypee’s fresh proposal.

A group of homebuyers moved the apex court in 2017 complaining that around 23,000 people had booked flats and were paying installments, but their homes were not ready.​

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