While some homebuyers welcome the decision, others believe the decision may be challenged again. There are close to 24 projects – 15 in Noida, eight close to Yamuna Expressway and one in Agra. As many as 20,000 homebuyers have been affected.
IRP Anuj Jain has been directed to continue managing the affairs of the embattled firm
Construction work is currently being overseen by the interim monitoring committee
The Rs 750 crore deposited by Jaiprakash Associates would also be part of the plan, NCLT said.
The counsel for homebuyers opposed the plea and said that there is a window until November 14 for the revised plan of NBCC to be considered by CoC.
The Centre has said it will waive taxes, running into crores, due to Jaypee Infratech, if NBCC takes over projects
On August 2, the apex court had ordered status quo for two weeks on insolvency proceedings after Jaypee Group challenged the July 30 order of NCLAT.
The status quo granted by the court will ensure that liquidation will not happen. The amendments to IBC have not yet received presidential assent and therefore the court deemed it fit to defer the matter by two weeks
As per the changes to the IBC, there would be a deadline for completion of corporate insolvency resolution process within an overall limit of 330 days, including litigation and other judicial processes. At present, the deadline is 270 days.
The group of homebuyers also expressed apprehension against giving NBCC the go ahead to complete the unfinished housing projects of Jaypee
In a letter addressed to PM Modi and FM Nirmala Sitharaman, homebuyers have appealed to the government to direct IDBI Bank and NBCC to resolve their differences on the resolution plan.
"Banks wanted to explore fresh expression of interest but there was no consensus as the matter is pending before NCLAT," sources said.
NCLAT also directs the committee of creditors not to finalise rejection of the NBCC bid without the court's consent.
Directs lenders to conduct fresh voting from May 31.
NBCC's revised bid to acquire Jaypee Infratech was expected to be discussed today by the Committee of Creditors (CoC).
The NBCC bid is likely to be discussed at the May 9 meeting, sources told Moneycontrol.
Financial creditors and home-buyers are presently voting on Suraksha Realty's bid. The voting process started on Wednesday and would conclude on May 3
Offer by Mumbai-based Suraksha Group will likely be the only one to be put to vote next week.
Lenders of debt-ridden company are expected to meet on April 26 to discuss revised bids of NBCC and Suraksha Group and also decide whether Adani Group can be allowed to enter the race at this stage
Over 600 buyers attended the meeting, which they termed as an 'eyewash'.
Homebuyers demand higher delay payment amount paid by NBCC and shorter timelines for completion of units.
Buyers claim that since the parent company Jaiprakash Associates had tabled a settlement plan under the IBC, it shows it had access to money and hence the matter must be looked into.
The Committee of Creditors has recommended that a forensic audit be conducted as demanded by Jaypee homebuyers.
In October, homebuyers had sought a clarification on the 'question of law' that pertains to the procedure for determining the voting percentage among the committee of creditors.
Formal agenda of the meeting not disclosed but sources say evaluation matrix and process note to be discussed and voted at the CoC meeting