State-run NBCC on Wednesday submitted a fresh/modified resolution plan for Jaypee Infratech Limited (JIL). A meeting of the Committee of Creditors (CoC) is scheduled for April 12 to discuss this resolution plan. This will be the fourth round of the corporate insolvency resolution process.

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It must be noted that NBCC is among the prospective resolution applicants for JIL.

On March 24, the Supreme Court had said the Insolvency Resolution Professional (IRP) can invite modified or fresh resolution plans only from Suraksha Realty and NBCC, the two applicants who were allowed to do so in the judgment on November 6, 2019.

Jaypee Infratech is a landmark case under the Insolvency and Bankruptcy Code (IBC) and is the primary reason behind the amendment to the IBC that gave homebuyers the status of a financial creditor to protect their rights.

First Published:Apr 8, 2021 12:37 PM IST