SC asks NBCC to submit revised plan for Jaypee Infratech

The Supreme Court (SC) on Thursday asked NBCC (India) to submit a revised plan for Jaypee Infratech projects in a sealed cover in the court within three weeks. The apex court has asked the company to give salient features of their plan after placing it before the requisite authorities. The concerned stakeholders including the home buyers have been asked to give a written representation to NBCC within one week from today. In July 2019, the SC had made it clear that it may use its power under Article 142 of the Constitution to protect the interest of home buyers. It had said that it may step-in to stop liquidation of the company to safeguard buyers' investment. NBCC had previously submitted a proposal for the completion of the projects which was rejected by the Committee of Creditors (CoC) in June 2019. The bid sought the 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 (YEIDA) to JIL.