NBCC (India) has got approval from the National Company Law Tribunal (NCLT) to acquire debt-laden Jaypee Infratech through an insolvency process and complete around 20,000 pending flats over the next three and half years. In a significant direction that will help NBCC in faster completion of stuck projects of Jaypee Group, the tribunal ordered that the Rs 750 crore deposited by Jaypee Infratech's parent firm Jaiprakash Associates (JAL) with the registry of the Supreme Court would be part of the resolution plan.
The successful resolution of Jaypee Infratech would not only provide a much-needed relief to thousands of distressed homebuyers but also go a long way in reviving the Indian real estate sector, especially the sluggish housing market of Delhi-NCR.
NBCC (India) is one of the few public sector companies engaged in the business of project management consultancy services for civil construction projects (PMC), civil infrastructure for power sector and real estate development.
