IT dept challenges NCLT order clearing Suraksha Group’s bid for Jaypee Infratech

Sources told PTI that the Income Tax Department has filed a petition before the National Company Law Appellate Tribunal (NCLAT) against the NCLT order on certain claims.

Sources said that when the matter was being heard by the Delhi bench of NCLT, the department did not make any submissions and the latest move is surprising.

According to sources, the petition is expected to come up for hearing before the Appellate Tribunal next week. The department’s plea is the fourth petition filed by an entity against an order passed by the NCLT.

On March 7, NCLT approved the security group JIL made a bid to acquire and complete around 20,000 flats in various projects in Noida and Greater Noida, Uttar Pradesh.

“Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR) and as per the requirements of Schedule III, it is informed that the matter along with related matters has been listed for further order(s) Jaypee Infratech Limited granted appropriate directions before the Hon’ble National Company Law Tribunal, Principal Bench, New Delhi on March 7, 2023. Suraksha Group’s bid to wrap up around 20,000 flats in several abandoned projects in Noida and Greater Noida A petition submitted by JIL Resolution Professional for

Meanwhile, Jaiprakash Associates Ltd and its promoter Manoj Gaur have approached the NCLAT against the NCLT order. 750 crore in Jaypee Infratech case. The amount was deposited with the Supreme Court registry by Jaiprakash Associates Ltd (JAL), the erstwhile promoter of JIL, which has been undergoing insolvency proceedings since August 2017.

The Yamuna Expressway Industrial Development Authority (YEIDA) has also moved the NCLAT as its claims for additional compensation payable to farmers and others were rejected by the NCLT while approving the resolution plan of the security group.

(With inputs from PTI)