Apex Court has issued a notice to JAL lenders and sought reply on Jaypee Infratech homebuyers plea seeking the returned of the 858 acres land.
The homebuyers of debt-ridden Jaypee Infratech on Thursday moved the Supreme Court challenging the order of the National Company Law Appellate Tribunal (NCLAT) allowing Jayprakash Associates Ltd (JAL) lenders to take control of over 858 acres of Jaypee Infratech Ltd land.
The homebuyers want the land to be returned to the resolution process facing JIL. The land, which belongs to Jaypee Infratech, was mortgaged to a consortium of the banks for a loan. “We have demanded that the ownership of the land should be given to Jaypee Infratech lenders and not to JAL. We are hopeful that justice will come in the next hearing,” said a homebuyer.
Hearing the case, the apex court issued a notice to JAL lenders seeking a reply on the plea of Jaypee Infratech homebuyers want the 858 acres land returned to Jaypee Infratech Ltd. The next hearing in the case will be held on October 17.
It would be pertinent to mention here that in May last year, an Allahabad high court bench of NLCT had declared the transfer of ownership of 858 acres of Jaypee Infratech to its own lenders. However, in August 2019, NCLAT had reversed the NLCT order and given control of 858 acre land to JAL.