Centre to back NBCC to finish Jaypee Infratech projects

Centre to back NBCC to finish Jaypee Infratech projects

August 1, 2019 in Jaiprakash Associates

NEW DELHI: After Amrapali and Unitech, the government is now looking to back public sector builder NBCC to construct the remaining 25,000 Jaypee Infratech apartments and villas in and around Noida.
During a meeting called by finance minister Nirmala Sitharaman, the Centre agreed to look at an arrangement to deal with pending tax claims up to August 2017 when insolvency proceedings were initiated against Jaypee Infratech.
While the tax issues for the remaining period will be looked at in the context of the amended Insolvency & Bankruptcy Code, where the resolution plan cleared by the National Company Law Tribunal (NCLAT) is binding on authorities, the Uttar Pradesh government and other agencies will also be asked to review their claims, sources told TOI.
NBCC’s earlier proposal had faced resistance as it was a conditional offer and depended on the state government and tax authorities reviewing their claims.

Sources: realty.economictimes.indiatimes.com

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