NBCC submits revised proposal for Jaypee Infratech to SC

New Delhi: NBCC Ltd submitted a revised proposal to take over debt-ridden Jaypee Infratech's unfinished housing projects before the Supreme Court on Thursday, however it was returned by the court, sources said. The court refused to examine the proposal, saying that it will first examine the eligibility of Jaypee Associates to bid for the debt-ridden arm.

The next hearing is scheduled to take place on October 22.
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NBCC submitted its Jaypee Infratech proposal in a sealed envelope

According to sources, NBCC submitted its revised resolution plan for Jaypee Infratech in a sealed envelope but it was returned to its counsel by the court. Jaypee insisted that its appeal, on whether its proposal can also be considered, should be heard first.

The backdrop

Meanwhile, NBCC has received approval for the revised resolution plan for Jaypee Infratech by Department of Investment and Public Asset Management (DIPAM), sources said. Sources also said that the government-run firm may consider reducing the upfront amount to Jaypee lenders if it decides not to transfer its unsold inventory to them in the revised proposal.

NBCC took part in the second round of bidding for the 16 stalled projects of Jaypee Infratech. It had proposed to infuse Rs 200 crore as equity and transfer 950 acres of land worth Rs 5,000 crore to the banks for settling the claims of Rs 23,723 crores. It had earlier promised to complete all the 24,000 units by July 2023.