Jaypee Infratech: NBCC submits revised resolution plan before SC
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Jaypee Infratech: NBCC submits revised resolution plan before SC

As per sources, the plan is likely to be considered on October 22.

Jaypee Infratech: NBCC submits revised resolution plan before SC

The state-owned National Buildings Construction Corporation (NBCC) on Thursday submitted its revised resolution plan before the Supreme Court to acquire Jaypee Infratech's incomplete projects. 

As per sources, the apex court refused to examine the proposal at the moment by saying that it will first consider the Jaypee Associates' bids.

The next date of hearing is on October 22. The top court is likely to issue order on that day. 

The NBCC had submitted its plan in a sealed envolope. As per information, the plan was returned to the counsel. As per sources, the plan is likely to be considered on October 22.

Sources said, “The department of Investment and Public Asset Management (DIPAM) has given approval to the revised resolution plan of NBCC.”

NBCC had taken part in the second round of bidding for 16 incomplete projects. It had proposed to infuse Rs 200 crore as equity and transfer of 950 acres of land worth Rs 5,000 crore to the banks towards settling claims of Rs 23,723 crore.

Earlier, a bench of justices AM Khanwilkar and Dinesh Maheshwari had directed NBCC to submit its proposal in a sealed envelope within three weeks.