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    Jaypee Group: Govt may waive Rs 33,000 crore in tax claims to enable quicker resolution

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    Jaypee Group: Govt may waive Rs 33,000 crore in tax claims to enable quicker resolution

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    In a bid to address the concerns of thousands of stuck Jaypee homebuyers, government sources indicate that the central government is soon likely to waive off the tax claims worth Rs.33,000 crore against Jaypee Group.

    In a bid to address the concerns of thousands of stuck homebuyers, sources within the government indicated it is likely to waive off the tax claims worth Rs.33,000 crore against Jaypee Group.
    Government sources said, “The tax department claims of Rs 33,000 crore of pending tax dues are not tenable and soon NBCC will present a government-backed robust resolution plan to the Supreme Court.”
    The proposal is likely to be submitted on October 17 in Supreme Court.
    Sources added that “NBCC has agreed to give build the project and present a resolution plan considering the option that Central government assures to settle both Uttar Pradesh state government issues of farmers waiving off the tax liability.”
    CNBC-TV18 had earlier reported that Prime Minister’s Office (PMO) and Finance Ministry have given their final nod for state-run NBCC backed resolution for Jaypee homebuyers.
    In a closed-door meeting PMO, Finance Ministry, Ministry of Corporate Affairs and Ministry of Housing and Urban Affairs had together asked NBCC to put out a fresh resolution proposal to the Supreme Court.
    “After seeing that it is becoming tough to find a suitable bidder, the government has yet again stepped in to facilitate a robust resolution for Jaypee home-buyers,” a senior government official had told CNBC-TV18.
    The next hearing in the Supreme Court is on October 17. During the last proceedings, Jaypee Group had told the apex court that it should also be given a chance to revive Jaypee Infratech and that it was willing to pay back its banks. It also promised to complete all the 27 projects within three years.
    The Supreme Court, however, said it would first look at what NBCC had to offer and may then look at Jaypee’s fresh proposal.
    A group of homebuyers moved the apex court in 2017 complaining that around 23,000 people had booked flats and were paying installments, but their homes were not ready.
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