New Delhi: State run NBCC has got approval of National Company Law Tribunal (NCLT) to complet the unfinished housing projects of beleagured Jaypee Infratech.
The Rs 750 crore that was deposited by Jaiprakash Associates Ltd (JAL) in Supreme Court will now used for construction of the stalled projects of Jaypee Infratech, the NCLT ruled.
The decions of the NCLT will pave the way for a major relief to thousands of homebuyers who had paid money to the real estate company but have been left in the lurch as the firm has not delivered the houses.
In December 2019, the lenders of Jaypee Infratech and the buyers had voted in favour of NBCC’s bid to complete the projects of Jaypee Infratech, and thus rejected the bid of the other bidder Suraksha Realty.
NBCC had said in its reveised bid that the constrction would be carried out by it in a phased manner and the work on the sites will start from April this year. According to the proposal of NBC, the projects have to be completed within 42 months after the commencement of work.
As many as 22,000 houses have to completed in various projects of Jaypee Infratech. Jaypee Infratech is currently facing insolvency after IDBI Bank led consortium of lenders filed a petition for its insolvency in NCLT.