Ray of hope for home buyers in Jaypee case; NCLAT to hear all parties on NBCC bid on July 17

Jaypee Infratech case: In a bid to resolve differences between the stakeholders in the insolvency case of debt-ridden real estate firm Jaypee Infratech Ltd (JIL), the National Company Law Appellate Tribunal (NCLAT) on Tuesday called a representative each of the lenders, bidder NBCC (India) and the home buyers for its next hearing on July 17.

The decision comes as a ray of hope for Jaypee Infratech`s distressed home buyers, who want NBCC to take over the bankrupt company and its assets. 

Public sector construction major, NBCC`s bid to acquire the company was rejected by the lenders, led by IDBI Bank, in the latest round of voting, even though the home buyers were in its favour.

A three-member bench headed by NCLAT Chairman Justice S.J. Mukhopadhyaya on Tuesday also refused to consider a bid by the Adani Group and questioned the banks` back-door negotiations with the group.

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The Tribunal observed that it was keen on getting the NBCC`s bid amended to suit all the concerned stakeholders.

The NBCC`s bid seeks cancellation of an estimated income tax liability of Rs 33,000 crore due over a period of 30 years under the concession agreement for the transfer of land from the Yamuna Expressway Industrial Development Authority to JIL.