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01 Apr 2020
Under the leadership of its Chairman & Managing Director PK Gupta, NBCC (India) has received an approval from the National Company Law Tribunal (NCLT) to acquire bankrupt real estate developer Jaypee Infratech. Notably, about 20,000 homebuyers in Jaypee’s residential projects in Noida and Greater Noida will be relieved with the resolution of its bankruptcy case. As reported, the NCLT has ordered that the Rs.7.50-billion that Jaypee’s parent company, Jaiprakash Associates, had deposited with the Supreme Court registry would be part of the resolution plan. Further, two SPVs are reportedly to be formed to complete construction work, which is expected to commence in six months. In December, Jaypee Infratech’s Committee of Creditors (CoC) selected NBCC, which won over Suraksha Realty, to acquire the firm with 97.36 per cent of the votes. We wish Gupta good luck in the company’s new endeavour to bring relief to 20,000 homebuyers.