#RealtyNewsRoundUp: NCLT Given 6 Months To Complete Insolvency Proceedings Against Jaypee
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In a setback to the Jaypee Group, the Supreme Court (SC) on August 9 asked the Allahabad bench of the National Company Law Tribunal (NCLT) , to deal with the insolvency proceedings against Jaypee Infratech Ltd (JIL) in six months. It also barred the group or its promoters from participating in the fresh bidding process. The SC further set 180-days deadline for the NCLT to complete insolvency proceedings beginning August 9.
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Beleaguered real estate giant continued to get a lashing from the country’s top court on August 8, this time for “playing smart”. The Supreme Court on Wednesday warned the insolvency-hit company it would render its top bosses “homeless” for “making people wait for years for their homes”. The SC observation came after the company submitted a proposal to sell commercial properties worth Rs 400 crore, as against the expected cost of Rs 4,000 crore, for completing its pending projects.
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The Securities and Exchange Board of India (Sebi) has ordered a forensic audit of Parsvnath Developers Ltd (PDL) , which figured in the list of 331 "suspected shell companies". PDL is among the firms against which the Sebi initiated action on August 7 last year by ordering trading restrictions on the company
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The Ghaziabad District Administration has decided to leave the circle rates unchanged this year, except in three villages where rates have been raised slightly. The revised rates will be effective August 8.
Source: Media reports