Jaiprakash Associates Ltd (JAL), the promoter of Jaypee Infratech proposed that they will pay entire outstanding amount to their creditors and complete pending projects within a period of three years.
During proceedings of the NCLAT, the promoters offered to pay the 100 per cent outstanding amount to the creditors without any reduction.
Further offered to complete the construction of the remaining flats within three years and provide the same to the original allottees.
With reference to the proceedings, National Company Law Tribunal (NCLT) had taken 250 days to decide on the voting rights of the homebuyers.
The Lenders are requesting to exclude these 250 days from September 17, 2018, to June 4, 2019, from the stipulated period for Corporate Insolvency Resolution Process (CIRP).
However, the promoters of Jaypee Infratech are asked by Chairman Justice S J Mukhopadhay(A two-member bench) to file written submissions for exclusion of such time.
The National Company Law Appellate Tribunal (NCLAT) reserved its order over exclusion of litigation period from the ongoing Corporate Insolvency Resolution Process (CIRP) of Jaypee Infratech.
The appellate tribunal is likely to pass the order on this matter on July 29.
It has ₹9,800 crore outstanding to pay to 13 banks. The firm also required to complete around 20,000 flats and handover them to home buyers.
In August 2017, An application was admitted by National Company Law Tribunal (NCLT), which was filed by an IDBI Bank-led consortium, results into insolvency of Jaypee Infratech.
Last year, the first round of insolvency proceedings was held in which a bid of Rs. 7,350-crore of Lakshadweep (part of Suraksha Group) was rejected by lenders.
After that Insolvency Resolutions Proceedings had started the second round of the bidding process in October 2018.
Jaiprakash Associates Ltd has submitted its bid to regain control over its subsidiary Jaypee Infratech.