Jaypee Infratech Ltd. said India's National Company Law Tribunal (NCLT) approved the company’s resolution plan submitted by Suraksha Reality and Lakshdeep Investments & Finance Private Ltd.
The NCLT, which previously reserved its verdict, pronounced the order today, the bankrupt infrastructure developer said in a stock exchange announcement.
The tribunal also passed the order related to reconciliation of 750 crore rupees ($91.68 million) deposited by its parent Jaiprakash Associates Ltd. and interest thereon between Jaypee Infratech/its homebuyers and Jaiprakash Associates, it added.
Jaypee Infratech was undergoing insolvency resolution since 9 August 2017.
(Note: $1 = 81.8090 Indian rupees)
(Send feedback to editor@cornerofficejournal.com)