National Company Law Tribunal (NCLT) has cleared the resolution plan by National Buildings Construction Corporation (NBCC), India to acquire Jaypee Infratech.
Jaypee Infratech went into corporate insolvency resolution process in August 2017 and has projects in Noida and Greater Noida, Uttar Pradesh.
NBCC will take charge of incomplete projects and in next three-and-a-half years target completion of around 20,000 flats. The stuck construction work on projects is expected to commence in next six months.
NCLT directed that the Rs 750 Cr deposited by parent company Jaiprakash Associates with Supreme Court’s registry be part of the resolution plan as well.