Allahabad bench of NCLT approves NBCC bid for Jaypee Infratech

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Allahabad bench of NCLT approves NBCC bid for Jaypee Infratech

The resolution professional for Jaypee Infratech, Anuj Jain, had filed a plea before the NCLT to approve NBCC's bid. Jaypee Infratech's creditors, including both financial and homebuyers, had approved the bid by the NBCC, which in turn has promised to complete the projects left midway by Jaypee Infratech.

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The Allahabad bench of the NCLT has approved the bid of NBCC for Jaypee Infratech.

The resolution professional for Jaypee Infratech, Anuj Jain, had filed a plea before the NCLT to approve NBCC’s bid.

Jaypee Infratech’s creditors, including both financial and homebuyers, had approved the bid by the NBCC, which in turn has promised to complete the projects left midway by Jaypee Infratech.

The news will come as a relief for a number of homebuyers across Noida and Greater Noida.

Jaypee Infratech went into insolvency process in August 2017 after the NCLT admitted an application by an IDBI Bank-led consortium.

Source- Economic Times.