Income Tax Department challenges NCLT order approving Suraksha Group’ bid for Jaypee Infratech

Income Tax Department challenges NCLT

in NEW DELHI: The Suraksha Group’s offer to acquire Jaypee Infratech Ltd (JIL) as part of the insolvency resolution process was approved by the National Company Law Tribunal, which has been challenged by the Income Revenue Department.
According to sources, the I-T Department has appealed the NCLT ruling concerning some claims to the National Company Law Appellate Tribunal (NCLAT).
When the case was being considered by the Delhi bench of the NCLT, the department did not submit any arguments, hence the most recent action is unexpected, the sources continued.
The plea is reportedly scheduled to be heard by the appellate panel the following week, per the sources.

The department’s appeal is the fourth argument made by an organisation against the NCLT order issued on March 7.

In a lawsuit filed last month, Jaiprakash Associates Ltd. and its promoter Manoj Gaur challenged the NCLT’s distribution of the 750 crore rupees in the Jaypee Infratech affair.

The sum was paid by Jaiprakash Associates Ltd (JAL), the former promoter of JIL, which has been subject to insolvency proceedings since August 2017. JAL deposited the money with the Supreme Court registry.

As the NCLT approved the Suraksha Group’s resolution plan while rejecting the Yamuna Expressway Industrial Development Authority’s (YEIDA’s) requests for further compensation due to farmers and others, YEIDA has also filed a petition with the NCLAT.

On March 7, the NCLT granted the Mumbai-based Suraksha Group’s request for permission to purchase JIL and finish almost 20,000 apartments across many projects in Noida and Greater Noida, Uttar Pradesh.