NEW DELHI: Petition filed by banks against the order of NCLT which had directed Jaiprakash Associates to return nearly 760 acres of land to its subsidiary Jaypee Infratech has been admitted by The National Company Law Appellate Tribunal (NCLAT) today.
The bench of NCLAT, headed by Chairman Justice S.J. Mukhopadyaya has also issued notices to the resolution professional of the company over the petition filed by the banks. Axis Bank, Standard Chartered Bank and ICICI Bank filed the petition against NCLT’s order.
The bench has also fixed the next date for hearing as July 13.
It was observed by the tribunal during the proceedings that the adjudicating authority doesn’t have jurisdiction to declare any instrument illegal.
The appeal was being heard by NCLAT on the order of Allahabad bench of NCLT. The Allahabad bench had asked the debt-ridden Jaiprakash Associates Ltd to return nearly 760 acres of land to its subsidiary Jaype Infratech. The NCLAT bench has declared the transfer of the land as ‘fraudulent’ and ‘undervalued’.
The flagship firm of Jaypee Infratech, Jaiprakash Associates Ltd (JAL) was asked to release and discharge interest created over the land to lenders including ICICI bank by NCLT.
NCLT gave this order on the petition filed by Anuj Jain, resolution professional of Jaypee Infratech, where he was seeking for direction over the transactions entered into by the company’s promoters creating mortgage on 858 acres of land to secure debt for Jaiprakash Associated Ltd.