‘Will pay lenders entire amount; complete pending projects in 3 years’

New Delhi: Promoters of debt-ridden Jaypee Infratech on Monday proposed before the NCLAT that they will pay creditors entire outstanding amount without any hair cut and complete pending projects within three years. 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. A two-member bench headed by Chairman Justice S J Mukhopadhaya asked the Jaiprakash Associates Ltd (JAL), the promoter of Jaypee Infratech, 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 September 17, 2018, to June 4, 2019, from the stipulated period for Corporate Insolvency Resolution Process (CIRP), as this time was taken by the National Company Law Tribunal (NCLT) to decide on the voting rights of the homebuyers. During proceedings of the NCLAT, the promoters offered to pay the 100% outstanding amount to the creditors without any hair cut.

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