Supreme Court Asks Government Owned NBCC If It’s Willing To Complete The Jaypee Group’s Stalled Housing Projects
[ By Bobby Anthony ]The Supreme Court has asked the government’s construction arm National Buildings Construction Corporation Limited (NBCC) to file a response if it is willing to submit a revised proposal to take over the Jaypee Group’s incomplete housing projects.Additional solicitor general Madhavi Divan told the court that the government has had three meetings with the stakeholders....
The Supreme Court has asked the government’s construction arm National Buildings Construction Corporation Limited (NBCC) to file a response if it is willing to submit a revised proposal to take over the Jaypee Group’s incomplete housing projects.
Additional solicitor general Madhavi Divan told the court that the government has had three meetings with the stakeholders.
She stated that the central government is willing to give tax concessions to the Jaypee Group provided NBCC is allowed to complete the incomplete housing projects.
The Jaypee Group told the court that it should also be given a chance to revive Jaypee Infratech and it is willing to pay back its banks. It also promised to complete all 27 projects within three years.
However, the court stated that it would first look at what NBCC had to offer and may then look at Jaypee’s fresh proposal.
Earlier, the court had ordered status quo for a week on an insolvency proceeding after the Jaypee Group challenged an order of the National Company Law Appellate Tribunal (NCLAT) which had allowed fresh bidding for Jaypee Infratech.
The NCLAT had barred the parent company, Jaypee Associates, from bidding.
In this connection, it may be recalled that a group of homebuyers who had purchased residential apartments from Jaypee had moved the Supreme Court in 2017, saying that around 23,000 people had booked flats and were paying installments, but their homes were not ready.