State-owned NBCC on Tuesday received National Company Law Tribunal (NCLT) approval to takeover debt-laden Jaypee Infratech, restoring hopes of homebuyers finally getting their promised flats in next four years.
This development will provide a huge relief to over 20,000 homebuyers across various housing projects launched by Jaypee Infratech (JIL) in Noida and Greater Noida (Uttar Pradesh). NBCC has proposed to complete over 20,000 pending flats in the next three-and-a-half years.
The principal bench of NCLT (Allahabad), headed by Acting President B S V Prakash Kumar, gave nod to the resolution plan of NBCC, which was already approved by the lenders of Jaypee Infratech in December last year, news agency PTI reported.
Jaypee Infratech's Interim Resolution Professional (IRP) Anuj Jain had filed a petition before the NCLT to approve NBCC's bid.
The tribunal also modified the resolution plan and said Rs 750 crore deposited by Jaiprakash Associates, the parent company of the debt-ridden Jaypee Infratech, would be part of the plan.
The homebuyers' claim amounting to Rs 13,364 crore and lenders' claim worth Rs 9,783 crore have been admitted, the agency reported.
The NBCC has offered 1,526 acres of land to lenders under a land-debt swap deal. Apart from this, the state-owned firm has proposed to transfer the road asset to lenders.
A subsidiary of crisis-hit Jaiprakash Associates (JAL), JIL went into insolvency process in August 2017 after the NCLT admitted an application by an IDBI Bank-led consortium.
Last month, the Supreme Court had upheld the NCLT order directing JAL to return 858 acres of land, which was pledged with several banks, to its debt-laden subsidiary firm JIL. The JAL had mortgaged JIL's land-bank to secure a Rs 20,510 crore loan from a consortium of around 20 banks including State Bank of India, AXIS Bank, ICICI Bank, Stander Chartered Bank.
Earlier on November 6, the Supreme Court had directed completion of Jaypee Infratech's insolvency process within 90 days, adding that the revised resolution plan would be invited only from NBCC and Suraksha Realty.
By Chitranjan Kumar with PTI inputs