Income Tax Department challenges NCLT order approving Suraksha Group' bid for Jaypee Infratech

The Income Tax Department has filed an appeal against the National Company Law Tribunal approving Suraksha Group's bid to buy Jaypee Infratech Ltd (JIL) under the insolvency resolution process.

Sources said the I-T Department has filed the petition before the National Company Law Appellate Tribunal (NCLAT) against the NCLT order regarding certain claims.

The department did not make any plea when the case was being heard by the NCLT's Delhi bench and the latest move is surprising, the sources added.

According to the sources, the plea is expected to come up for hearing before the appellate tribunal next week.

The department's petition is the fourth plea filed by an entity against the NCLT order passed on March 7.

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Last month, Jaiprakash Associates Ltd and its promoter Manoj Gaur approached NCLAT against the NCLT order relating to the distribution of Rs 750 crore in the Jaypee Infratech matter.

The amount was deposited with the Supreme Court registry by Jaiprakash Associates Ltd (JAL), the erstwhile promoter of JIL, which has been going through insolvency proceedings since August 2017.

Yamuna Expressway Industrial Development Authority (YEIDA) has also moved NCLAT as its claims for additional compensation payable to the farmers and others, were rejected by the NCLT while approving the resolution plan of Suraksha Group.

On March 7, the NCLT approved the Mumbai-based Suraksha Group bid to acquire JIL and complete around 20,000 flats across various projects in Noida and Greater Noida, Uttar Pradesh.

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