COC to hold meet to resolve Jaypee Infratech Limited issue on April 26
Saurabh Kumar
Greater Noida (22/4/2019): A meeting will be held by the Company of Credit (COC) for resolving the Jaypee Infratech Limited issue on 26th April. During the meeting, COC will decide the new company who will be completing the incomplete projects of Jaypee Infra. During this meeting date for voting for electing new company will also be decided.
August 9, 2017, the NCLT declared Jaypee Infratech insolvent. A total of 20 thousand home buyers were struggling for getting their homes from the past few years. Now after court pressure National Buildings Construction Corporation Limited (NBCC) and Jaypee Infratech is trying to complete the projects and provide projection to homebuyers.
On April 20 for taking buyers in their Jaypee called a meeting and offered that they will complete pending projects in three years. At the meeting, company’s former CMD Manoj Gaur assured completion of Wish Town projects within three years and offered to put Rs 1,500 crore in an escrow account, to be monitored by a retired SC judge-led committee, for completing the flats. But they were not convinced, and said: “at least Rs 12,000 crore is required for the same”.
National Buildings Construction Corporation Limited and Suraksha Asset Reconstruction Company will be submitting the bids. As per the buyers, Jaypee Infra may submit the revised bid. After detailing all the three bids COC will take the final decision of allotting the project and deciding the date of voting.
