Jaypee Infratech home buyers move SC against NCLAT order allowing land acquisition by JAL
Greater Noida : The homebuyers of debt-ridden Jaypee Infratech on Thursday moved the Supreme Court challenging the order of the National Company Law Appellate Tribunal (NCLAT) allowing Jayprakash Associates Ltd (JAL) lenders to take control of over 858 acres of Jaypee Infratech Ltd land.
The homebuyers want the land to be returned to the resolution process facing JIL. The land, which belongs to Jaypee Infratech, was mortgaged to a consortium of the banks for a loan.
Hearing the case, the apex court issued a notice to JAL lenders seeking a reply on the plea of Jaypee Infratech homebuyers, who want the 858 acres land to be returned to Jaypee Infratech Ltd. The next hearing in the case will be held on October 17.
In the month of May last year, an Allahabad high court bench of NLCT had declared the transfer of ownership of 858 acres of Jaypee Infratech to its own lenders. However, in August 2019, NCLAT had reversed the NLCT order and given control of 858-acre land to JAL.