In the Jaypee Infratech insolvency case, state-owned NBCC on Friday moved the National Company Law Appellate Tribunal (NCLAT) seeking reliefs on certain conditions related to farmers’ compensation and payments to fixed deposit holders as well as dissenting financial creditors.
The move comes less than three weeks after NBCC received nod from the National Company Law Tribunal (NCLT) to take over Jaypee Infratech.
“NBCC has filed an appeal against the above order before the National Company Law Appellate Tribunal (NCLAT),” the company said in a regulatory filing.
The company did not mention about the reliefs sought in the petition.
Sources said NBCC has made an appeal for modifying certain conditions mentioned in the NCLT order related to farmers’ compensation for land acquisition in Noida and Greater Noida in Uttar Pradesh.
It has also sought relief on payments to be made to some dissenting financial creditors like ICICI Bank.
NBCC’s resolution plan for Jaypee Infratech would provide a huge relief to over 20,000 homebuyers across various housing projects launched by the latter Uttar Pradesh.
NBCC has proposed to complete over 20,000 pending flats in the next three-and-a-half years.
NCLT had modified the resolution plan and said Rs 750 crore deposited by Jaiprakash Associates, the parent company of Jaypee Infratech, would be part of the plan.
The homebuyers’ claim amounting to Rs 13,364 crore and lenders’ claim worth Rs 9,783 crore have been admitted.
NBCC has offered 1,526 acres of land to lenders under a land-debt swap deal. Apart from this, the state-owned firm has proposed to transfer the road asset to lenders.
Jaypee Infratech went into insolvency process in August 2017 after the NCLT admitted an application by an IDBI Bank-led consortium.
Source: Economic Times