Jaypee Infratech: NBCC likely to approach SC to seek Rs 750 crore
Jaypee Infratech: NBCC likely to approach SC to seek Rs 750 crore
Praveen Dwivedi
Jaypee Infratech: NBCC likely to approach SC to seek Rs 750 crore
Photo: CitySpidey

Jaypee Infratech: NBCC likely to approach SC to seek Rs 750 crore

New Delhi: The government-run real estate firm National Buildings Construction Corporation (NBCC), which has won bids to acquire debt-ridden Jaypee Infratech Ltd (JIL) projects, is likely to approach the Supreme Court to seek Rs 750 crore.

The SC had collected Rs 750 crore from banks. It was deposited by Jai Prakash Associate (JAL) and later transferred to National Company Law Tribunal (NCLT). 

“The SC had taken this amount from JAL. It was homebuyers' money which they had invested for their flats,” said a Jaypee Infratech homebuyer.

In fact, during the resolution bids, both bidders – NBCC and and Suraksha Reality had included the amount of Rs 750 crore in their resolution bids. 

However, later, JAL appealed to NCLT, contending that this amount should be returned to it, instead of JIL. “In fact, this amount has reached up to Rs 800 with interest. JAL is demanding Rs 750 crore which is homebuyers money, whereas JAL itself has to pay Rs 900 crore to JIL,” the homebuyer quoted above added.

“We will go to the appellate authority and even the Supreme Court, in case the NCLT decides against our demand of money to be made available to us,” said a senior NBCC official.

On December 18, the Committee of Creditors (CoC) of Jaypee Infratech had selected NBCC as the winner in the race to acquire the debt-hit realty developer after the lenders and home buyers concluded their voting. However, the NCLT is yet to approve NBCC’s bids.