The Supreme Court Thursday transferred to itself the appeals pending before the National Company Law Appellate Tribunal (NCLAT) against the NBCC plan to acquire debt-ridden Jaypee Infratech and construct over 20,000 pending flats.
Lenders to Jaypee Infratech will have to take a haircut of over Rs 3,700 crore while 20,000 homebuyers will not get paid any penalty for delay in construction of their homes in the takeover proposals brought by Mumbai-based Suraksha Realty and state-owned NBCC for the debt-laden firm.
The supreme court on Wednesday told Jaypee Associates to deposit Rs. 125 crore as directed failing which it would be held in contempt of court and could land in Tihar Jail.
On Thursday, Jaiprakash Associates had moved an application before the top court seeking extension of time to deposit the remaining Rs 125 crore within a month.
The Jaypee group informed the Supreme Court that it has an offer worth ₹2,500 crores for the Yamuna Expressway project.
The Supreme Court had earlier ordered a stay on initiation of bankruptcy proceedings against Jaypee Infratech
Hundreds of home buyers were left in a lurch after NCLT on Aug 9 admitted a plea to begin insolvency proceedings against Jaypee Infratech for defaulting on Rs 526 cr loan.
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