NCLT approves NBCC's bid for Jaypee Infratech
The National Company Law Tribunal (NCLT) on Tuesday approved the proposal of state-owned NBCC to acquire debt-ridden Jaypee Infratech through an insolvency process. The Principal bench of NCLT headed by Acting President B S V Prakash Kumar gave a go-ahead to the resolution plan of NBCC, which was already approved by the lenders of Jaypee Infratech in December last year. The tribunal also modified the resolution plan and said Rs 750 crore deposited by Jaiprakash Associates would be part of the plan. The successful resolution will provide a big relief to over 20,000 homebuyers across various housing projects launched by Jaypee Infratech in Noida and Greater Noida (Uttar Pradesh).
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