Ready to undertake unfinished housing projects of Jaypee real estate: NBCC tells SC

The National Buildings Construction Corporation (NBCC) on Thursday told the Supreme Court that it is ready to undertake the unfinished housing projects of Jaypee real estate case to ensure delivery of flats to homebuyers.

A bench of the Apex Court, headed by Justice A M Khanwilkar gave three-week time to the NBCC to file their revised resolution plan in a sealed cover to the court elaborating how they will construct the unfinished housing projects.

Adocate Madhvi Devan, appearing for the Union government told the bench that the finance ministry shall also assist the NBCC in drafting the plan.

M Lahoty, lawyer appearing for several homebuyers, highlighted and apprised the apex court about their concerns with respect to NBCC citing Amrapali and Unitech real estate cases.

On this ground, the Supreme Court also ordered that whoever wants to give suggestions to the NBCC shall do so within one week.

The top court asked the NBCC to consider the rights of all the creditors in the plan, and fixed the matter for further hearing after three weeks.

The court had, on September 03, issued a notice to NBCC seeking its response within two days on whether it is willing to submit revised proposal to take over Jaypee's unfinished housing projects.

The Union of India (UOI) had told the court that it is ready to give concession on hundreds of crores of taxes due on Jaypee Infratech but only if NBCC is allowed to take over the company.