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New Delhi: Jaiprakash Associates has approached the Insolvency Appellate Tribunal NCLAT against NCLT Order regarding distribution of Rs.750 crore in Jaypee Infrastructure Case. The amount was deposited with the Supreme Court Registry by the erstwhile promoter of Jaiprakash Associates Limited (JAL), Jaypee Infratech Ltd (JIL), which has been undergoing insolvency proceedings since August 2017.
Sources said that JAL has challenged the NCLT order regarding sharing of money.
As per the NCLAT cause list, the matter between JAL and JIL is scheduled to be heard before a two-member bench of the National Company Law Appellate Tribunal (NCLAT) on Tuesday.
In an order on March 7, the National Company Law Tribunal (NCLT) approved Mumbai-based Suraksha Group’s bid to buy Jaypee Infratech Ltd (JIL), a development that will bring in Rs 20,000 crore after nearly six years of repaying the loan. More than comes as a relief for home buyers. -stricken company entered bankruptcy process.
In its 491-page order, the NCLT directed that out of Rs 750 crore deposited by Jaiprakash Associates Ltd (JAL) with the Supreme Court registry, JIL will receive Rs 542.62 crore, while Rs 106.9 crore will be deposited in the escrow account of home buyers. Will go ,
The NCLT order states that JAL will get Rs 100.48 crore.
As per the Supreme Court order, JAL had deposited a total of Rs 750 crore in 2018 in several installments before the apex court’s registry.
“We direct the Registrar NCLT through the Registry of NCLT, Allahabad that out of the total amount of Rs.750 crore and interest accrued thereon, an amount of Rs.649.52 crore along with proportionate interest shall be paid to JIL/homebuyers of JIL and 100.48 The balance amount of Rs 100 crore shall be refunded to JAL with proportionate interest…,” the tribunal had said.
The Corporate Insolvency Resolution Process (CIRP) against JIL was initiated in August 2017 on an application by the IDBI Bank-led consortium.
In the fourth round of the bidding process to find a buyer for JIL in 2021, Suraksha Group won the bid with 98.66 per cent votes. 12 banks and over 20,000 homebuyers have voting rights in the CoC.
The company got 0.12 per cent more votes than state-owned NBCC, which was also in the fray.
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