TOI: Centre to back NBCC to finish Jaypee projects

1 August 2019: After Amrapali and Unitech, the government is now looking to back public sector builder NBCC to construct the remaining 25,000 Jaypee Infratech apartments and villas in and around Noida.

During a meeting called by finance minister Nirmala Sitharaman, the Centre agreed to look at an arrangement to deal with pending tax claims up to August 2017 when insolvency proceedings were initiated against Jaypee Infratech.

While the tax issues for the remaining period will be looked at in the context of the amended Insolvency & Bankruptcy Code, where the resolution plan cleared by the National Company Law Tribunal (NCLAT) is binding on authorities, the Uttar Pradesh government and other agencies will also be asked to review their claims, sources told TOI.

NBCC’s earlier proposal had faced resistance as it was a conditional offer and depended on the state government and tax authorities reviewing their claims.

The Times of India reported



Categories: General News, India Bankruptcy

Tags: , , , ,

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: