INSUBCONTINENT EXCLUSIVE:
it is willing to give a revised proposal to complete the stalled projects of Jaypee group
A bench of justices A M Khanwilkar and Dinesh Maheshwari issued notice to the National Buildings Construction Corporation Limited (NBCC) and
sought its reply by Thursday.Additional Solicitor General Madhavi Divan, appearing for the Centre, said the government has held three
meetings with various stakeholders and a decision has been taken that it was willing to give tax concession running into hundreds of crores
to Jaypee group and enhanced compensation to farmers only if the NBCC is allowed to complete the stalled projects.Senior advocate F S
Nariman and Anupam Lal Das, appearing for the Jaypee group, said they have no objection if the NBCC is allowed to give a revised proposal
but the group should also be allowed to give a proposal as it is wiling to pay all dues to lenders and finish all stalled projects within
three years.Nariman said this option should also be considered as and when the court will look into NBCC''s proposals.The bench said it
will first look what NBCC has to offer and only then it may look into Jaypee group''s fresh proposal.The bench posted the matter for
on the insolvency proceeding after Jaypee Group challenged the July 30 order of the National Company Law Appellate Tribunal (NCLAT), which
allowed the fresh bidding for the cash-strapped Jaypee Infratech.On July 30, the NCLAT had allowed fresh bidding for the cash-strapped
Jaypee Infratech but barred its promoter Jaypee Group from participating in the auction.Get Breaking news, live coverage, and Latest News
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