On August 8, 2017, IDBI Bank petitioned the National Company Law Tribunal (NCLT) to initiate insolvency proceedings against Jaypee Infratech for defaulting on loans worth Rs 526 crore.
The top court directed that the documents of the attached properties, which were with the Debt Recovery Tribunal be handed over to the MSTC, which would auction the assets and deposit the amount with the apex court registry.
In the new proposal that NBCC plans to submit before the Supreme Court next week, it may also propose completing all unfinished 16 projects within four years.
Gupta is currently serving as the Executive Director of engineering services company RITES Limited.
"We have been directed by the court to come up with a comprehensive resolution plan and it is in the works," sources told Moneycontrol.
The court receiver has also been directed to finalise the tripartite agreements and verify documents of homebuyers.
We have collated a list of stocks which remained in focus on Tuesday because of their price action. The technical outlook is for the medium term.
NBCC as the white knight is not the remedy for all the ills the real estate sector is facing. A set of reforms is the need of the hour.
Apex court orders that the forensic audit report be given to the Enforcement Directorate, Delhi Police and the ICAI to take action against Amrapali directors and auditors for siphoning off over Rs 3,000 crore
ICICI Direct recommended hold rating on NBCC with a target price of Rs 40 in its research report dated August 16, 2019.
The state-owned company reported a 39 percent decline in consolidated net profit for the quarter ended June 30 at Rs 51 crore.
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NBCC will not undertake any construction work, but will appoint agencies as per the requirements for completing unfinished Unitech projects.
Centre submits NBCC's proposal before SC for completion of Unitech projects
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In this episode of Reporter's Take, Sakshi Batra talks with Vandana Ramnani about NBCC taking over Unitech's projects.
Net Sales are expected to increase by 37.2 percent Y-o-Y (down 18.9 percent Q-o-Q) to Rs. 2,544.1 crore, according to ICICI Direct.
NCLAT also questioned banks on backdoor negotiations with Adani Group.
The development comes hours after the National Company Law Appellate Tribunal (NCLAT) clarified that it has not barred lenders from voting against NBCC's resolution plan.
NCLAT also directs the committee of creditors not to finalise rejection of the NBCC bid without the court's consent.
The MoU was signed by Housing and Urban Affairs Secretary Durga Shanker Mishra and NBCC's CMD Shiv Das Meena.
The voting on the NBCC bid began at noon on May 31 and is expected to continue for ten days until June 10.