NCLT approves NBCC’s bid for Jaypee Infratech

March 3, 20202
New Delhi: In a major relief to over 20,000 home buyers of Jaypee Infratech, the National Company Law Tribunal’s (NCLT) principal bench on Tuesday approved public sector major NBCC’s resolution plan to acquire Jaypee Infratech.

The tribunal modified the resolution plan and said that the Rs 750 crore deposited by Jaiprakash Associates at the Supreme Court would be part of the resolution plan.

Jaypee Associates, the promoter group of JIL, has sought back the Rs 750 crore it had submitted in the Supreme Court.

NBCC opposed it, saying the amount is an integral part of its resolution plan for acquisition and completion of the projects of JIL. Both the bidders, NBCC and Mumbai-based Suraksha Realty, had included the Rs 750 crore in their resolution plans.

Last December, NBCC’s resolution plan received 97.36 per cent votes of the Committee of Creditors (CoC), with majority of the home buyers and the major banks voting in favour of the bid. NBCC’s plan received overwhelming support against the required 66 per cent votes for approval. The other bidder in the fray, Suraksha Realty, received 2.12 per cent votes.

This was the third time that the bids of both the companies have been put to vote. The Supreme Court had, on November 6, ordered completion of the JIL insolvency resolution process (IRP) within 90 days and said only the resolution plans of the NBCC and the Suraksha would be considered by the CoC for completing pending projects.

NBCC, in its bid offered, over 1,500 acres of land to lenders as against its earlier proposal of 1,426 acres. The lenders had asked NBCC, formerly known as National Buildings Construction Corporation Ltd, to offer 1,903 acres.

In another move to sweeten its bid, reversing its offer on the unsold inventory, the NBCC decided to keep the unsold units of JIL with itself and monetise them on its own, rather than leaving it to the bankers.

Earlier the NBCC had offered to transfer JIL’s unsold residential inventory to lenders at Rs 1,700 crore, before revising it to Rs 1,300 crore.

Both the home buyers and NBCC had been waiting for the approval from the NCLT for the NBCC’s bid, which would be a major move towards the delivery of apartments to over 20,000 home buyers who have waited for their dream homes for over a decade. IANS

RBI gives go-ahead for forward contracts in Govt securities

Mumbai: The Reserve Bank Governor announced on Friday that the RBI will be introducing forward contracts in Government securities for which the directions will be issued shortly. “We have been...

RBI raises real GDP growth forecast to 6.7 pc for 2025-26

Mumbai: The Reserve Bank of India (RBI) on Friday raised the country’s real GDP growth forecast to real GDP growth for 2025-26 to 6.7 per cent, as it expects a...

RBI cuts repo rate by 25 basis points to 6.25 per cent to spur growth

Mumbai: The Reserve Bank of India's (RBI) six-member Monetary Policy Committee (MPC) on Friday cut the repo rate by 25 basis points to 6.25 per cent. RBI Governor Sanjay Malhotra...

SBI Research expects RBI to announce 0.25 per cent rate cut on Feb 7

New Delhi: SBI economists expect the RBI to announce a 0.25 per cent rate cut in the monetary policy committee meeting on February 7. As the fiscal stimulus of Budget...

Old vs New Tax regime: What has changed for middle class in Budget 2025-26

New Delhi: In a major move to ease the tax burden on middle-class taxpayers, Finance Minister Nirmala Sitharaman on Saturday announced fresh tax slabs under the New Tax regime in...

Budget offers a lot to Delhi voters to cheer about

New Delhi: The Narendra Modi government on Saturday complied with the Election Commission of India's directive not to announce any Delhi-specific schemes or sops in the Union Budget 2025-26 yet...

Budget impact: Smartphones and EVs to get cheaper; TVs, fabrics to get costlie

New Delhi: Union Finance Minister Nirmala Sitharaman, presenting the Budget 2025-26 on Saturday, introduced some key changes in basic customs duties (BCDs) that will impact the prices of various goods....

One crore people will benefit from revised slabs, pay no tax: FM Sitharaman

New Delhi: Union Finance Minister Nirmala Sitharaman, in her first post-Budget press conference, said that the revision in tax slabs as announced in the Union Budget 2025-26 will leave 'enough...

BJP, Congress failed Telangana: KTR criticises Union Budget 2025

Hyderabad: Bharat Rashtra Samithi (BRS) Working President K.T. Rama Rao criticised the Union Budget 2025-26, alleging that the BJP and the Congress have failed Telangana. Demanding an apology from the...

‘Karnataka received nothing’: CM Siddaramaiah slams Union Budget 2025

Mysuru: Criticising the Union Budget 2025, Karnataka Chief Minister Siddaramaiah dubbed it as a disappointing one, detrimental to the state's welfare. "Not a single demand we raised in the pre-Budget...

Budget a political document against federalism: Pinarayi Vijayan

Thiruvananthapuram: Coming down heavily on the Union Budget, Kerala Chief Minister Pinarayi Vijayan on Saturday termed it as nothing but a political document and against federalism.   “This budget is...

Union Budget concentrated on poll-bound states: Sukhbir Badal

Chandigarh: Shiromani Akali Dal (SAD) leader Sukhbir Singh Badal on Saturday said it was unfortunate that the Union Budget 2025-26 did not go in for inclusive development of the nation...

Read Previous

U-16 National team’s tour to Tajikistan cancelled over COVID-19 coronavirus.

Read Next

From Wuhan to Noida, coronavirus threat gets closer

WP2Social Auto Publish Powered By : XYZScripts.com