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Exclusive | Construction of Jaypee projects may see delay as NBCC mulls NCLAT appeal

Legal experts said that timely compliance of the order is essential to ensure that projects are not delayed.

Jaypee homebuyers could be staring at a further delay in construction of flats with NBCC planning to move NCLAT over conditions related to payment to ICICI Bank and YEIDA for compensation to farmers in the March 3 order, sources told Moneycontrol.

Sources also said that as per the resolution plan, the embattled Jaypee Infratech had to be managed and controlled by the Monitoring Agency but that is yet to see the light of day despite a week passing by since the order was passed.

"This clearly indicates that NBCC may be planning to appeal in NCLAT," sources said, adding this may lead to delay in construction of housing projects.

As per the Resolution Plan submitted by NBCC in December 2019: "On and from the approval date, the Company (Jaypee Infratech) will be managed and controlled by the Monitoring Agency/any other person appointed by the NBCC in consultation with the Steering Committee comprising of representatives of three Institutional Financial Creditors having the largest voting share in the admitted financial debt, on the basis of a letter of appointment/agreement.