JAL approaches NCLAT against NCLT order on Jaypee Infratech matter

Jaiprakash Associates has approached the insolvency appellate tribunal NCLAT against the NCLT order relating to the distribution of Rs 750 crore in the Jaypee Infrastructure matter.

The amount was deposited with the Supreme Court registry by Jaiprakash Associates Ltd (JAL), the erstwhile promoter of Jaypee Infratech Ltd (JIL), which is going through insolvency proceedings since August 2017.

JAL had challenged the NCLT order over the distribution of money, sources said.

As per the NCLAT cause list, the matter between JAL and JIL is scheduled for hearing on Tuesday before a two-member bench of the National Company Law Appellate Tribunal (NCLAT).

In an order on March 7, the National Company Law Tribunal (NCLT) approved the Mumbai-based Suraksha group's bid to buy Jaypee Infratech Ltd (JIL), a development that comes as a relief for more than 20,000 homebuyers nearly six years after the debt-ridden company entered into the insolvency process.

In its 491-page order, the NCLT had directe