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Jaypee case: SC transfers to itself appeals before NCLAT to ensure no delay in NBCC resolution plan

ANI | August 06, 2020 02:15 PM
Supreme Court of India. [File image]

New Delhi [India], Aug 6 (ANI): The Supreme Court on Thursday transferred to itself all the appeals pending before the National Company Law Appellate Tribunal (NCLAT) related to the debt-ridden firm Jaypee to ensure no further delay in execution of the NBCC's resolution plan.

A bench of the apex court, headed by Justice AM Khanwilkar, transfers to the Supreme Court all the appeals pending before the NCLAT.

No construction is being undertaken by the NBCC as of now as it is unhappy with the modifications made by the NCLAT in its resolution professional, lawyers told the apex court.

The apex court, which was hearing several homebuyers and the National Buildings Construction Corporation (NBCC) limited and others, fixed the matter for further hearing on August 31.

Reportedly, several homebuyers had last week moved the Supreme Court against the NCLAT order that gave the conditional approval to NBCC to implement its proposal to acquire Jaypee Infratech and complete the construction of stalled flats.

A consortium of banks led by IDBI had earlier initiated insolvency proceedings against Jaypee for failing to repay a debt of around Rs 24,000 crore. (ANI)

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