Diabytes
Jaypee Infratech News
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The department's petition is the fourth plea filed by an entity against the NCLT order passed on March 7.
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The court passing the order in extraordinary circumstances said that JP Association bidder cannot submit its proposal. A bench of Justices A. M. Khanwilkar and Dinesh Maheshwari turned down the Jaypee group plea for participating in the auction of its debt-ridden group firm, Jaypee Infratech Ltd (JIL).
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A bench of Justices A.M. Khanwilkar and Dinesh Maheshwari made the recommendation while hearing a plea filed by Chitra Sharma, an aggrieved homebuyer of Jaypee Infratech Ltd (JIL).
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In the voting process that concluded on June 10, majority of banks voted against NBCC's bid to acquire the debt-laden firm. Most homebuyers voted in favour of the NBCC bid.
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The development comes hours after the National Company Law Appellate Tribunal (NCLAT) clarified that it has not barred lenders from voting against NBCC's resolution plan.
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Hearing a plea by IDBI Bank, seeking a stay or annulment of the voting process, a three-member NCLAT bench headed by Chairman Justice S J Mukhopadhaya also allowed nine homebuyers' associations representing around 5,000 buyers to file intervention application.
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A Committee of Creditors (CoC) met on Tuesday and took this decision even as NBCC Monday decided against diluting certain conditions, including exemption from tax liability, in its revised offer.
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The Committee of Creditors (CoC) met Thursday to discuss NBCC's revised offer after it rejected the bid of Mumbai-based Suraksha Realty on May 3 through a voting under the insolvency proceedings.
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IDBI had approached the National Company Law Tribunal (NCLT) seeking extension of the corporate insolvency resolution process (CIRP) beyond the May 6 deadline as the proceedings are still underway to find a buyer for the Jaypee group's realty firm.
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Jaypee Infratech, a subsidiary of Jaypee Group's flagship firm Jaiprakash Associates, is developing about 32,000 flats, of which it has delivered 9,500 units.
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State-owned NBCC, Kotak Investment, Singapore-based Cube Highways and Suraksha group have been shortlisted as bidders for debt-laden Jaypee Infratech.
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Last week, three independent directors Lalit Bhasin, Keshav Prasad Rau and Basant Kumar Goswami had resigned from the board.
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A bench headed by Chief Justice Dipak Misra said the limitation period of 180 days to conclude the insolvency proceedings will commence from today.
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Debt-ridden Jaypee Infratech has an outstanding debt of nearly Rs 9,800 crore, of which Rs 4,334 crore pertains to IDBI.
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IIFCL, in a letter to the resolution professional, tore into its valuers assuming a much less toll collections from Jaypee-built expressway.
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NCLT has admitted the application by an IDBI Bank-led consortium seeking resolution for Jaypee Infratech under the Insolvency and Bankruptcy Code.
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In the Delhi-NCR property market, insolvency proceedings have started in Jaypee Infratech and Amrapali group company.
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The home buyers in their plea had sought a direction to the government and others that this code "shall not curtail the legal statutory and vested rights of the flat owners/ buyers as consumers" defined under Consumer Protection Act.
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It also restrained the Managing Director and Directors of Jaypee Infratech, a sister company of Jaypee associates, from travelling abroad without its prior permission.
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SC has restrained the managing director and directors of Jaypee Infratech from leaving country without its permission.
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