NCLAT gave a blow to JP Associate, not a single penny will be given out of Rs 7936 crore

Greater Noida News: The National Company Law Appellate Tribunal has rejected the petition filed against the order given regarding the bankrupt company Jaypee Infratech. This matter was stuck in the tribunal for a long time. With this, the path for acquisition of Jaypee Infratech by Suraksha Group has almost been cleared. Now only cabinet approval is left in this matter.

Case related to Rs 7936 crore:

The National Company Law Appellate Tribunal (NCLAT) on March 7, 2023, had approved the acquisition of bankrupt company Jaypee Infratech by Suraksha Group through an offer of Rs 7936 crore. This decision of acquisition was like a boon for the home buyers of Jaypee Group. But only after this, Yamuna Authority, Income Tax Department, Jaiprakash Associate Limited (JP Associate) challenged this order.

The case was pending in NCLAT for 11 months.

In fact, after the tribunal accepted the proposal of the security group, Jaypee Infratech's sister company Jaypee Associate had put a hurdle in the case. Jaypee Associates placed before the tribunal the agreement made with Jaypee Infratech and said that Jaypee Associates has the right to take 15 percent of the money spent on any work being done in Infratech. The case on this was pending in NCLAT for 11 months. Now the final seal has been given on this. Now JP Associate may not have to pay any money.