NCLT approves NBCC's resolution plan for Jaypee Infratech with some tweaks

NBCC has proposed to complete over 20,000 flats in the next three-and-a-half years

The National Company Law Tribunal (NCLT) on Tuesday approved the resolution plan of National Buildings Construction Company (NBCC) for Jaypee Infratech with some tweaks.

The NCLT Bench, headed by acting president B S V Prakash Kumar, also said the bank guarantee of Rs 750 crore, submitted by Jaiprakash Associates in the Supreme Court, will be treated as part of the plan. It will be used for completion of the housing projects.

The Delhi Bench of the NCLT said NBCC’s plan has not been accepted in entirety. “We will accept it with modifications,” the Bench said.
 

According to the approved plan, NBCC will