NCLT approves NBCC bid for Jaypee Infratech
State-owned NBCC on Tuesday got approval from the NCLT to acquire debt-laden Jaypee Infratech through an insolvency process and complete around 20,000 pending flats over the next three and half years.
In its hearing on Tuesday, the Principal bench of the National Company Law Tribunal (NCLT), headed by Acting President BSV Prakash Kumar, gave a go-ahead to the resolution plan of NBCC.
In a significant direction that will help NBCC in faster completion of stuck projects of Jaypee Group, the tribunal ordered that the Rs 750 crore deposited by Jaypee Infratech’s parent firm Jaiprakash Associates Ltd (JAL) with the registry of the Supreme Court would be part of the resolution plan.
“Rs 750 crore would be treated as part of the plan,” the bench said in its oral order adding the resolution plan is approved with the modification. The written order will be available on Wednesday.
