NBCC to submit a revised proposal to take over Jaypee

New Delhi: Bringing a major relief to thousands of homebuyers, state-run NBCC Limited told the Supreme Court on Thursday that it is willing to submit a revised proposal for Jaypee Infratech. The response brings a breather to homebuyers who have been demanding that the state-run company should take over Jaypee's unfinished housing projects.

A bench of Justices AM Khanwilkar and Dinesh Maheshwari has asked NBCC to submit its proposal in a sealed envelope within three weeks.

The backdrop

The court had said on September 3, "We are issuing notice to NBCC returnable by Thursday. Let us see what it has to offer. In view of the suggestions made we would like to know from the NBCC whether it would be in a position to submit a revised plan to address the aspirations of various stakeholders. We will look into it but only after this (NBCC offer) option is exhausted. We will consider all aspects but too many offers will complicate the case.
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Although the best way is winding up the company but many of you don't want any such steps to be taken. We think first let NBCC give its proposal."

Yielding to the demands made by homebuyers who are awaiting possession of their homes, the Centre had told the court that it would waive taxes, running into crores, if NBCC was to take over the embattled real-estate firm.