Noida: The National Company Law Tribunal (NCLT) on Tuesday gave its nod to state-owned National Building Construction (NBCC) resolution plan to acquire debt-ridden Jaypee Infratech projects in Gautam Budh Nagar district in Uttar Pradesh.
Apart from the approval from the principal bench of tribunal, the NBCC was also given approval to move further with its plan to complete stalled housing projects where over 20,000 buyers have invested their money.
A trusted source, who is one of the flat buyers in Jaypee Infratech project told CitySpidey, “NBCC resolution plan was approved with modifications.” He added, “We won a long battle but struggle will remain until we get our flats and other promises made during booking.”
The principal bench of NCLT headed by acting president BSV Prakash Kumar gave a go ahead to the resolution plan of NBCC.
NBCC’s bid was already approved by the lenders of Jaypee Infratech in December last year.
The Tribunal also modified the resolution plan and said Rs 750 crore deposited by Jaiprakash Associates Ltd (JAL), the father company of Jaypee Infratech, would be part of the plan.
The successful resolution will provide a big relief to over 20,000 homebuyers across various housing projects launched by Jaypee Infratech in Noida and Greater Noida.
NBCC has proposed to complete over 20,000 pending flats in the next three-and-a-half years. Homebuyers' claim amounting to Rs 13,364 crore and lenders' claim worth Rs 9,783 crore have been admitted.
In its latest bid, NBCC offered 1,526 acres of land to lenders under a land-debt swap deal. On Yamuna Expressway, NBCC has proposed to transfer the road asset to lenders but before that, it would take a loan of around Rs 2,500 crore against toll revenue to fund construction spend.
Jaypee Infratech, a subsidiary of crisis-hit Jaiprakash Associates, went into insolvency process in August 2017 after the NCLT admitted an application by an IDBI Bank-led consortium.