NBCC ready with backup plan for Jaypee
State-run NBCC (India), which was selected to acquire the debt-hit realty developer Jaypee Infratech, is ready with the backup plan in case it did not get Rs 750 crore of Jaiprakash Associates Ltd (JAL).
JAL had deposited the money with the Supreme Court’s registry and it was later transferred to the National Company Law Tribunal (NCLT). The National Buildings Construction Corporation (NBCC) in its resolution plan, had put in a condition saying that it has the right to withdraw from the process in case Rs 750 crore along with the interest is not made available to it.
“Although, we had put a walk-away condition, but we will go to the appellate authority and even the Supreme Court, in case the NCLT decides against our demand of money to be made available to us,” said a senior NBCC official.
On December 18, the Committee of Creditors (CoC) of Jaypee Infratech had selected NBCC as the winner in the race to acquire the debt-hit realty developer after the lenders and home buyers concluded their voting.