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Jaypee insolvency: SC transfers all appeals before NCLAT to itself

The Supreme Court on Thursday transferred all pending appeals related to debt-ridden Jaypee before the National Company Law Appellate Tribunal (NCLAT) to itself

twitter-logoBusinessToday.In | August 6, 2020 | Updated 19:07 IST
Jaypee insolvency: SC transfers all appeals before NCLAT to itself
Supreme Court of India

The Supreme Court on Thursday transferred all pending appeals related to debt-ridden Jaypee before the National Company Law Appellate Tribunal (NCLAT) to itself so as to cut down on delay in execution of the approved resolution plan of National Buildings Construction Corporation (NBCC). The bench of the apex court, headed by Justice AM Khanwilkar, fixed the matter for further hearing on August 31, news agency ANI reported.

Several homebuyers had reportedly moved Supreme Court last week against the NCLAT's earlier order giving conditional approval to NBCC to implement its proposal to acquire Jaypee Infratech and complete the construction of 20,000 stalled flats. Jaypee Infratech went into insolvency proceedings in August 2017. In December last year, a committee of creditors (CoC) comprising 13 banks and around 21,000 homebuyers, approved the resolution plan of NBCC with 97.36 per cent votes in favour.

A consortium of banks led by IDBI had earlier initiated insolvency proceedings against Jaypee for failing to repay a debt of around Rs 24,000 crore.

Meanwhile, some minority shareholders of Jaypee Infratech had recently moved the NCLAT to seek right compensation in the delisting process of the debt-ridden firm. A three-member NCLAT bench has issued notices to NBCC, IDBI Bank and resolution professional of Jaypee Infratech as well as to the bourses NSE and BSE. The tribunal has directed to list the plea of minority shareholders for admission on August 17 along with another petition in the ongoing insolvency proceedings.

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