Jaypee Infratech offers full payback, project completion in 3 years

New Delhi: The lenders of debt-ridden Jaypee Infratech have the reasons to cheer, as the promoters of real estate firm on Monday proposed before the National Company Law Appellate Tribunal (NCLAT) that they would pay creditors the entire outstanding amount without any haircut and complete the pending projects within three years.

The appellate tribunal reserved its order over exclusion of litigation period from the ongoing Corporate Insolvency Resolution Process (CIRP).

A two-member bench headed by Chairman Justice SJ Mukhopadh-aya asked the Jaiprakash Associates Ltd (JAL) to file written submissions over exclusion of time frame. The appellate tribunal has directed to list the matter on July 29, when it is likely to pass the order on this.

Lenders are requesting to exclude the 250 days from Sept 17, 2018 to June 4, 2019, from the stipulated period for CIRP, the time taken by the NCLT to decide on the voting rights of the homebuyers.