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SC Issues Notice to NBCC, Seeks Response on Revised Proposal for Completion of Stalled Jaypee Projects

The National Company Law Appellate Tribunal had on July 30 allowed fresh bidding for the cash-strapped Jaypee Infratech but barred its promoter Jaypee Group from participating in the auction.

News18.com

Updated:September 3, 2019, 12:44 PM IST
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SC Issues Notice to NBCC, Seeks Response on Revised Proposal for Completion of Stalled Jaypee Projects
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New Delhi: The Supreme Court on Tuesday sought response from state-run NBCC on whether it is willing to submit revised proposal for completing stalled projects of the Jaypee group.

Jaypee group told the apex court that it be allowed to give a fresh proposal as it is willing to pay all dues to banks and complete unfinished projects in 3 years.

Centre told the SC that it will consider giving tax concession to Jaypee Infra and enhanced compensation to farmers only if NBCC finishes the stalled projects.

The National Company Law Appellate Tribunal (NCLAT) had on July 30 allowed fresh bidding for the cash-strapped Jaypee Infratech but barred its promoter Jaypee Group from participating in the auction.

To enable the fresh bidding process, the NCLAT extended the resolution period of Jaypee Infratech for another 90 days, which includes a 45-day window for the resolution professional (RP) and lenders of the debt-ridden firm to invite fresh bids.

The NCLAT direction came in view of lenders rejecting the resolution plan of state-owned NBCC and Suraksha Realty in the second round of bidding.

Jaypee Infratech went into insolvency in August 2017 after the National Company Law Tribunal (NCLT) admitted an application filed by an IDBI Bank-led consortium.

In the first round of insolvency proceedings conducted last year, the Rs 7,350-crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders.

The NCLAT had asked state-owned NBCC, whose bid was rejected by the CoC of Jaypee Infratech, to submit fresh resolution plan for the debt-ridden company.

The appellate tribunal has also rejected the plea of Jaiprakash Associates Ltd, the promoters of Jaypee Infratech, to be eligible to submit a bid.

The government has told the SC that it is willing to extend support to NBCC if it has a new plan.

The court will hear the case on September 5.

(With PTI inputs)

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