Jaiprakash Associates

NCLAT sets aside order directing return of land to Jaypee Infratech

NEW DELHI: The National Company Law Appellate Tribunal on Thursday set aside an NCLT order that directed Jaiprakash Associates Ltd to return 758 acres of land, which was pledged with several banks, to debt-laden Jaypee Infratech. In May last year, the Allahabad bench of the National Company Law Tribunal (NCLT) had asked JAL to return 758 acres of land to its subsidiary Jaypee Infratech, declaring the...

Centre to back NBCC to finish Jaypee Infratech projects

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...

NCLAT asks IDBI Bank to furnish conditions for fresh bidding for Jaypee

The National Company Law Appellate Tribunal (NCLAT) Wednesday directed IDBI Bank, the lead lender of debt-ridden Jaypee Infratech, to file an affidavit listing out new terms and conditions if a fresh round of bidding is conducted. A two-member bench headed by Chairman Justice S J Mukhopadhaya has asked IDBI Bank to file an affidavit by Friday in this regard. The appellate tribunal has listed the matter for...

Jaypee homebuyers oppose NCLAT order

NEW DELHI: A group of homebuyers has approached the Supreme Court challenging the National Company Law Appellate Tribunal (NCLAT) order allowing NBCC and creditor bank to thrash out resolution plan to take over Jaypee Infratech, even after the plan was rejected by a committee of creditors (CoC) which included homebuyers. The petition has been filed by a group 1000 homebuyers alleging that the NCLAT order...

Will protect your interests, SC tells Jaypee homebuyers

NEW DELHI: The Supreme Court on Thursday said it would intervene to protect Jaypee homebuyers if the resolution plan under the insolvency proceedings failed. It may step in to stop liquidation of the company to safeguard buyers’ investment. It asked all the parties, including NBCC and creditor banks, to sort out differences over the plan. Having failed to come up with a policy to protect the interests of...

Jaypee lenders slammed for ‘back door’ talks with Adani

NEW DELHI: The National Company Law Appellate Tribunal has called out lenders of Jaypee Infratech for engaging in “backdoor negotiations” with the Adani group on the resolution of the debt-laden real estate company after the committee of creditors rejected a revised resolution plan proposed by government-owned NBCC. Adani group had submitted a non-binding proposal to lenders of Jaypee Infrastructure,...

NCLAT directs NCLT to decide on IBC plea against JP Associates in six weeks

NEW DELHI: The NCLAT Monday directed the National Company Law Tribunal to decide the insolvency plea filed by ICICI Bank against Jaiprakash Associates in six weeks. The private sector lender had approached the National Company Law Appellate Tribunal (NCLAT), seeking a direction to NCLT Allahabad-bench to expedite the hearing on its insolvency petition against Jaypee Group firm Jaiprakash Associates Ltd...

Jaypee Infratech creditors to meet on Jun 20 to decide future course

NEW DELHI: Jaypee Infratech's creditors, which include banks and home buyers, will meet on June 20 to assess the progress of the ongoing insolvency process and decide future course of action. The meeting has been called days after majority of banks voted against state-owned NBCC's bid to acquire the debt ridden realty firm. A meeting of Committee of Creditors (CoC) will be held on June 20, 2019, Jaypee...

Jaypee Infratech home buyers may stop paying EMIs

NEW DELHI: As the voting process on the NBCC's bid for Jaypee Infratech (JIL) ends on Monday, with no signs of the public sector enterprise getting through, sources say, home buyers plan to stop paying the ongoing EMIs (equated monthly installment) as many of them have "lost hope of a resolution". The online voting on the NBCC's bid started on May 31. The bid would require 66 per cent votes in its favour...

Jaypee Infratech creditors’ meet on May 30 to discuss NBCC bid

NEW DELHI: Debt-laden Jaypee Infratech's financial creditors, which include bankers and homebuyers, will meet on May 30 to discuss state-owned NBCC's bid to acquire the realty firm and complete stuck housing projects. A meeting of Committee of Creditors (CoC) has been called on May 30, sources said. As many as 13 banks and 23,000 homebuyers have voting rights in the committee. Earlier this month, creditors...

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