NCLAT admits petition by banks against NCLT Allahabad Bench order directing Jaiprakash Associates Ltd. to return 760 acres of land to Jaypee Infratech Ltd.

In a petition filed by Axis Bank, Standard Chartered Bank and ICICI Bank, the Chairman of NCLAT, today issued notice to IRP of Jaypee Infratech Ltd. thereby observing that NCLT does not have requisite jurisdinction to declare any land transfer instrument illegal.

The Allahabad bench of NCLT had asked Jaiprakash Associates to return 760 acres of land to its subsidiary Jaypee Infratech, and also declaring the transfer of the land as fraudulent and undervalued.

The NCLT Allahabad had passed the said order upon the petition filed by Anuj Jain, (RP) seeking interference over transactions by promoters of Jaypee creating a charge on 858 acres of land to procure debt for Jai Prakash Associates Limited.

The NCLAT as fixed 13 July 2018 as next date of hearing in the matter.