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    Jaypee Infratech stock surges over 4% after NCLT approves resolution plan

    Jaypee Infratech stock surges over 4% after NCLT approves resolution plan

    Jaypee Infratech stock surges over 4% after NCLT approves resolution plan
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    By Mousumi Paul   IST (Updated)

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    Jaypee Infratech share price surged over 4 percent intraday on Wednesday after a bankruptcy court approved a resolution plan submitted by NBCC in which it proposed to acquire Jaypee's stalled projects.

    Jaypee Infratech share price surged over 4 percent intraday on Wednesday after a bankruptcy court approved a resolution plan submitted by NBCC in which it proposed to acquire Jaypee's stalled projects.
    According to its plan, state-run NBCC will complete around 20,000 pending flats over the next three and a half years.
    At 11:42 am, the share price of Jaypee Infratech was trading 4.35 percent higher to Rs 1.20 per share on the NSE.
    In a significant direction that will help NBCC in faster completion of Jaypee Group's stuck projects, the National Company Law Tribunal ordered that the Rs 750 crore deposited by Jaypee Infratech's parent firm Jaiprakash Associates Ltd (JAL) with the registry of the Supreme Court would be part of the resolution plan.
    "Rs 750 crore would be treated as part of the plan," the bench said in its oral order, adding the resolution plan was approved with the modification. The written order will be available on Wednesday.
    The successful resolution of Jaypee Infratech would not only provide much-needed relief to thousands of distressed homebuyers, but also go a long way in reviving the Indian real estate sector, especially the sluggish housing market of Delhi-NCR.
    With PTI inputs
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