SC seeks response from NBCC on Jaypee Infratech

New Delhi: The Supreme Court (SC) has sought a reply from state-run NBCC Ltd on whether it is willing to prepare a revised proposal to acquire debt-ridden Jaypee Infratech. A bench of Justices AM Khanwilkar and Dinesh Maheshwari issued the notice and sought a reply by Thursday.

‘NBCC must complete the stalled projects’

Appearing for the Centre, Additional Solicitor General Madhavi Divan said that the government has already held three meetings with various stakeholders. Divan added that the government is willing to give tax concession running into hundreds of crores to Jaypee Group and enhanced compensation to farmers only if NBCC is allowed to take up the stalled projects.
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Jaypee Group says, no objection

Senior advocate F S Nariman and Anupam Lal Das, who are representing Jaypee Group, said that they have no objection if NBCC is allowed to give a revised proposal. However, they added that the group should be allowed to give a proposal as it is willing to clear all the dues to lenders and finish all stalled projects within three years.

Nariman said that the court should consider this option as well when it looks into NBCC’s proposals.

What was SC’s response?

The SC said that it will first look at NBCC’s offer and then may look into Jaypee Group’s fresh proposal. The bench has posted the matter for further hearing on Thursday and has extended the status quo order till then.

The backdrop

The apex court had order status quo on August 22 for a week on the insolvency proceedings against Jaypee Infratech after the group challenged the July 30 order given by the National Company Law Appellate Tribunal (NCLAT). The NCLAT had allowed fresh bidding for the cash-strapped Jaypee Infratech but had barred its promoter, Jaypee Group, from participating in the auction.