The Supreme court on Thursday ordered for the transfer of all the appeals related to debt-ridden Jaypee Infratech pending before National Company Law Appellate Tribunal (NCLAT) to itself.
The order passed by apex court bench headed by Justice AM Khanwilkar was done in order to ensure that there is no further delay in execution of the approved resolution plan of National Building Construction Corporation (NBCC) and to ensure that the homebuyers get the possession of their homes at the earliest.
“No construction is being undertaken by NBCC as of now as it is unhappy with the modifications made by the NCLAT in its resolution professional,” submitted the Homebuyer’s lawyer.
The apex court was hearing the appeals filed last week by several homebuyers and NBCC challenging the NCLAT order that gave conditional approval to state-owned NBCC to implement its proposal to acquire Jaypee infratech and complete the stalled construction of 20,000 flats.
Senior Advocate Jaideep Gupta represented the Homebuyers Associations.
The case will be next heard on 31 August.
On 3 March, State-owned NBCC on had got approval from the NCLT to acquire debt-laden Jaypee Infratech through an insolvency process. In a significant direction that will help NBCC in faster completion of stuck projects of Jaypee Group, the tribunal had ordered that the ₹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.
Jaypee Infratech went into an insolvency process in August 2017. Anuj Jain was appointed as an IRP to conduct insolvency process and also manage the affairs of the company
In December last year, a committee of creditors (CoC) comprising 13 banks and around 21,000 homebuyers, approved the resolution plan of NBCC with 97.36 per cent vote in favour.
NBCC’s proposal was approved by the lenders in the third round of bidding process to find a buyer for Jaypee Infratech.
In its bid, NBCC had proposed to complete over 20,000 pending flats in housing projects launched by Jaypee Infratech in Noida and Greater Noida (Uttar Pradesh).
