The Supreme Court has decided to hit a pause button on NBCC’s latest bid for Jaypee Infra which proposed to take over the company's unfinished housing projects. Instead the apex court has decided to consider Jaypee Group's plea against the company law appellate tribunal order that barred Jaypee associates from bidding for Jaypee Infratech.
What’s interesting is that the NBCC bid was even supported by the government. The government expressed the intent that they were willing to give concession provided NBCC puts a resolution bid before the apex court.
NBCC chose to do that. They filed their revised bids. However, the Supreme Court has decided not to accept the revised bid but they have said instead that they first need to consider the challenge to the NCLAT order whereby JP Associates have been barred from filing a resolution bid.
JP Associates, the parent company of Jaypee Infra is also in fact actively involved and looking forward to making a bid and this is something that the home buyers are not against.
Beginning October 22 the Supreme Court will start hearing arguments on whether or not to allow JP Associates to go ahead as a promoter entity of default entity to come forth and make a resolution bid for Jaypee Infra.