NBCC Challenges NCLT's Order For Takeover Of Jaypee Infratech

New Delhi: State run company NBCC Ltd has challenged the NCLT order in the National Company Law Appellate Tribunal (NCLAT) regarding the resolution plan for takeover of embattled Jaypee Infratech Ltd.

“Reference to our previous intimation vide letter dated 6 March, 2020, regarding Honourable NCLT’s (Principal Bench- New Delhi) judgment on resolution plan submitted by NBCC for takeover of Jaypee Infratech Limited. It is further informed that NBCC has filed an appeal against the above order before the Honourable National Company Law Appellate Tribunal (NCLAT), New Delhi on 20 March, 2020” the company said in a regulatory filing.

It is learnt that NBCC does not want to take over Jaypee Infratech Ltd with the altered terms and conditions under which NBCC has been asked to pay up Rs 350 crore to various creditors of Jaypee Infratech Ltd like ICICI Bank, SREI and IFCI.

NBCC has also been asked to pay back all fixed deposit holders, the payment of which will total Rs 120 crore. NBCC had only proposed to pay Rs 29 crore in its own resolution plan.

The matter now going to NCLAT means that the homebuyers of the realty firm will have to wait longer for the legal battle to end.