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SC to Hear Jaypee Group's Plea Before Taking up NBCC Proposal on Stalled Housing Projects

The Supreme Court had said if NBCC, which saw two of its proposals rejected earlier by lenders of the defaulting Jaypee group, is not willing to submit a revised plan, then it may look for other alternatives.

PTI

Updated:October 17, 2019, 7:18 PM IST
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SC to Hear Jaypee Group's Plea Before Taking up NBCC Proposal on Stalled Housing Projects
Illustration by Mir Suhail/News18.com

New Delhi: The Supreme Court on Thursday said it would first hear the appeal of Jaypee Group against the NCLAT order that barred it from participating in the auction of its debt-ridden group firm, Jaypee Infratech Ltd (JIL).

The bench, comprising Justices A M Khanwilkar and Dinesh Maheshwari, said it would deal later with the revised proposal of state-owned NBCC to complete the stalled projects of debt-laden Jaypee Group to address the grievances of thousands of harassed home buyers.

The bench has fixed October 22 as the next date for hearing the appeal of Jaypee group which was held ineligible by the National Company Law Appellate Tribunal (NCLAT) on July 30 to bid for its group firm JIL facing insolvency proceedings.

The counsel for NBCC, in pursuance of an earlier order of the apex court, on Thursday submitted a revised plan in a sealed cover on the issue of taking over the stalled housing projects of JIL to ensure that hassled home buyers get their dream homes.

The court, however, did not open the seal of the revised plan and told the National Buildings Construction Corporation Ltd (NBCC) that it would deal with it later.

Earlier, the NBCC had said that it was willing to give a revised proposal to complete the stalled housing projects of JIL and the top court had directed all stakeholders including homebuyers to make representation to NBCC so that their concerns are taken note of in the revised plan.

The top court had said that preparing of a revised plan by NBCC would not prejudice the rights and contentions of the parties and had ordered status quo to continue on the insolvency proceedings.

On September 3, the apex court had sought to know from NBCC whether it was willing to give a revised proposal to complete the stalled projects of cash-strapped Jaypee group even as the Centre said it has to step in because "a mess has been created by the promoter".

The top court had said if NBCC, which saw two of its proposals rejected earlier by lenders of the defaulting Jaypee group, is not willing to submit a revised plan, then it may look for other alternatives.

The cash strapped company had further said that it may not have any objection if the NBCC is allowed to give a revised proposal, but Jaypee Group should also be allowed to give a fresh proposal as it is wiling to pay all its dues to lenders and finish all the stalled projects within a period of three years.

On July 30, the NCLAT had 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 JIL for 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 NBCC and Suraksha Realty in the second round of bidding. Jaypee Infratech Ltd (JIL) 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.

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