Jaypee projects: Supreme Court seeks revised proposal from state-run NBCC
The SC had on August 22 ordered status quo for a week on the insolvency proceedings after Jaypee challenged National Company Law Appellate Tribunal’s order allowing the fresh bidding for Jaypee Infratech.
State-run National Buildings Construction Corporation (NBCC) was on Tuesday asked by the Supreme Court if it is willing to submit a revised proposal to complete stalled projects of Jaypee group. NBCC has been asked to reply by Thursday.
A Supreme Court bench of justices A M Khanwilkar and Dinesh Maheshwari issued notice to NBCC, news agency PTI reported.
The Centre was represented by additional solicitor general Madhavi Divan at the hearing, who said tax relief, running into crores, will be given to Jaypee group only after NBCC is allowed to complete the stalled projects. The government said the decision was taken after holding meetings with various stakeholders.
Jaypee group has said it has no objection if NBCC comes up with a revised proposal but said it should also be allowed to put forward a proposal. Senior advocate FS Nariman and Anupam Lal Das, appearing for the Jaypee group, said the realty firm was ready to pay all dues to lenders and finish projects within three years.
The top court said it will first look into the revised proposal of NBCC and then look into Jaypee’s request. The next hearing in the case is on Thursday.
The top court had on August 22 ordered status quo for a week on the insolvency proceedings after Jaypee challenged National Company Law Appellate Tribunal’s order allowing the fresh bidding for Jaypee Infratech.
Last month, the Competition Commission of India (CCI) imposed a penalty of ₹13.82 crore on Jaiprakash Associates Limited (JAL) for abusing its dominant position in the market of independent residential units such as villas, estate homes in their integrated township through unfair and discriminatory conditions on the allottees in Wish Town, Jaypee Greens project, in Noida and Greater Noida.
“The final order was passed on an information filed by a buyer who alleged that conditions imposed by JAL were arbitrary and heavily tilted in favour of it,” an official statement said.
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