Jaypee Infra Resolution
Jaiprakash Associates (JAL), the parent firm of Jaypee Infratech (JIL), has moved the National Company Law Appellate Tribunal (NCLAT) challenging the March 3 order which made the Rs 750 crore it deposited with the registry of the Supreme Court a part of the approved bidder NBCC’s resolution plan for JIL
NBCC had, in its resolution plan, said that it might withdraw its resolution plan in case the amount, along with interest, was not made available with it. Directed by the Supreme Court, JAL had deposited the fund towards refund of homebuyers’ money. Now, promoters of JIL have argued that the money should not be given to NBCC.