NBCC i.e. the National Buildings Construction Corporation recently submitted a revised proposal for the completion of Jaypee’s stalled projects. This proposal was later returned to the advocate representing the state-owned firm NBCC.
On this development, the advocate representing homebuyers asked the Supreme Court to share a copy of the proposal submitted by NBCC.
Along with this, the Jaypee Group also filed a petition in Supreme Court against National Company Law Appellate Tribunal (NCLAT) decision that has restricted the Jaypee Associates a parent company from bidding for Jaypee Infratech (JIL). The developer also urged to hear its plea that states consideration of their own proposal on the project.
On the issue, SC said that hearing on the petition filed by the Jaypee Group will be heard on 22nd October and also extended the status quo on its insolvency proceedings till then.
On 2nd August, the top court had ordered a two-week status quo on Jaypee Group’s plea against the NCLAT order but later it was informed that the Parliament had passed amendments to the Insolvency and Bankruptcy Code (IBC).
Earlier to this, on 30th July, the NCLAT extended JIL’s resolution process by three months while sanctioning the fresh submission of bids for debt-ridden Jaypee Infratech. The Tribunal asked to complete the bidding and approval procedure of a resolution plan by the committee of creditors (CoC) within 45 days.
The three-month extension comes at a time when the lenders’ have requested to exclude approximately 250 days, from September 17, 2018 to June 4, 2019, from the specified tenure of the insolvency resolution process. This is because voting for bid can’t be conducted due to the confusion over homebuyers’ voting rights.
According to IBC, it is mandatory to complete the resolution procedure of a company within 270 days, and the company goes for liquidation in case the process is not completed in the said time.
The 270-day deadline for Jaypee Infratech ended on 6th May.