Jaypee News

The National Company Law Appellate Tribunal (NCLAT) on Tuesday extended the resolution period of debt-ridden Jaypee Infratech for another 90 days.

SC has fixed plea of home buyers for further hearing on January 10 and asked the 13 directors of JAL to appear before it again on that day.

The apex court, however, extended the time from October 27 to November 5 for the company to deposit Rs 2000 crore.

Jaypee Associates told the apex court that it has an offer worth Rs 2,500 crore and sought permission to give the project to another party.

A bench comprising Chief Justice J S Khehar and Justice D Y Chandrachud said it will hear the plea of flat-buyers who alleged that they will neither get a home nor a refund of their hard earned money on account of being "unsecured creditors".

The Uttar Pradesh Government will constitute a committee to probe into the allotment of 25,000 acres of land to set up a cement factory in Sonbhadra district to the Jaypee Group.

The shares of Jaiprakash Associates closed at Rs 13.05 a piece on BSE, down 20.67 percent.

Fair trade regulator CCI has dismissed a complaint alleging that 11 cement makers, including Ultratech and Jaypee, indulged in pricing cartelisation in Andhra Pradesh.

The exclusivity period of the pact for Reliance Power's proposed acquisition of Jaiprakash Associates' hydro power portfolio in a Rs 12,000 crore deal is likely to be extended by 60 days.

Jaypee Infratech Ltd on Friday reported a 43 percent drop in standalone net profit at Rs 45.96 crore for the quarter ended June on the back of lower income.