• search
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Will NBCC give revised proposal to complete stalled projects of Jaypee Group, asks SC

|

New Delhi, Sep 04: The Supreme Court sought a response from the NBCC on whether it is willing to give a revised proposal to complete the stalled projects of Jaypee group.

A bench of justices A M Khanwilkar and Dinesh Maheshwari issued a notice to the National Buildings Construction Corporation Limited (NBCC) and sought its reply by Thursday.

Will NBCC give revised proposal to complete stalled projects of Jaypee Group, asks SC

Additional solicitor general Madhavi Divan, appearing for the Centre, said the government has held three meetings with various stakeholders and a decision has been taken that it was willing to give tax concession running into hundreds of crores to Jaypee group and enhanced compensation to farmers only if the NBCC is allowed to complete the stalled projects.

Coop bank scam: SC refuses to interfere with HC order for FIR against NCP's Ajit Pawar, others

Senior advocates F S Nariman and Anupam Lal Das, appearing for the Jaypee group, said they have no objection if the NBCC is allowed to give a revised proposal but the group should also be allowed to give a proposal as it is willing to pay all dues to lenders and finish all stalled projects within three years.

Nariman said this option should also be considered as and when the court will look into NBCC's proposals.

The bench said it will first look what NBCC has to offer and only then it may look into Jaypee group's fresh proposal.

The bench posted the matter for further hearing on Thursday and extended the status quo order till then.

To combat hunger, PIL filed in Supreme Court

On August 22, the Supreme Court had ordered status quo for a week on the insolvency proceeding after Jaypee Group challenged the July 30 order of the National Company Law Appellate Tribunal (NCLAT), which allowed the fresh bidding for the cash-strapped Jaypee Infratech.

On July 30, the NCLAT had allowed fresh bidding for the cash-strapped Jaypee Infratech but barred its promoter Jaypee Group from participating in the auction.

For Daily Alerts
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more