Jaypee Infra case: NCLAT asks CoC to frame norms for new bids

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SME Times News Bureau | 17 Jul, 2019
In a fresh turn of events in the Jaypee Infratech resolution process, the National Company Law Appellate Tribunal (NCLAT) on Wednesday asked the committee of creditors (CoC) to file an affidavit by Friday with conditions framed for fresh bids.

The two-judge Bench, headed by NCLAT Chairman Justice S.J. Mukhopadhaya, also laid down the grounds for the terms and conditions saying there should not be any change in the apartment and amenities promised to allottees by the original developer.

The matter will next be heard on Monday.

The Bench also said the land attached to the building and common amenities would remain with allottees.

During the hearing, Justice Mukhopadhaya said the appellate tribunal was working with the aim to deliver "justice to homebuyers".

On Adani Group's request for consideration of their bid, the Bench said it would have to file a fresh bid, keeping in mind the new conditions.