Relief for homebuyers, as NCLT approves NBCC’s takeover bid for Jaypee Infratech
Updated : March 03, 2020 06:33 PM IST
The tribunal said Rs 750 crore that was deposited by Jaypee Infratech’s parent company Jaiprakash Associates in the Supreme Court would also be part of the resolution plan now.
The NCLT approval comes almost two-and-a-half years after Jaypee Infratech went into the corporate insolvency resolution process in August 2017.
NBCC has proposed to provide 1,526 acres of land to lenders in lieu of debt, but has not offered any upfront cash payment to lenders.