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NBCC submits revised plan on Jaypee projects to SC
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SME Times News Bureau | 17 Oct, 2019
The National Buildings
Construction Corporation (NBCC) on Thursday submitted a revised proposal
to complete the stalled projects of Jaypee Infratech. The proposal was
later handed back to the NBCC counsel.
The homebuyers' counsel urged the top court to share a copy of the NBCC proposal with them.
Meanwhile,
the Jaypee Group has moved the Supreme Court against the National
Company Law Appellate Tribunal (NCLAT) order that barred its parent
company Jaypee Associates from bidding for Jaypee Infratech (JIL). The
realtor urged the SC hear its plea seeking to consider its own proposal
on the project.
The top court said it will hear the Jaypee Group
plea on October 22, and extended the status quo on its insolvency
proceedings till then.
On August 2, the Supreme Court had ordered
a two-week status quo on Jaypee Group's plea against the NCLAT order
after it was informed that Parliament had passed the proposed amendments
to the Insolvency and Bankruptcy Code (IBC).
On July 30, the
NCLAT had extended JIL's resolution process by 90 days, thereby allowing
submission of fresh bids for the bankrupt realty company.
The
Tribunal said the process of bidding and approval of a resolution plan
by the committee of creditors (CoC) should conclude in 45 days.
The
90-day extension comes amid the lenders' request to exclude around 250
days, from September 17, 2018 to June 4, 2019, from the stipulated
period for the insolvency resolution process, as during this period no
bid could be voted upon in view of the confusion regarding homebuyers'
voting rights.
Under the IBC, the resolution process of a company
is mandated to conclude within 270 days, failing which the company has
to go for liquidation. The 270-day deadline for Jaypee Infratech ended
on May 6.
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