Appellate Tribunal will hear the petition for additional compensation to the farmers
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The petition challenges the NCLT order allowing Suraksha Group’s bid to acquire debt-ridden Jaypee Infratech. However, the appellate tribunal refused to stay the order passed by the National Company Law Tribunal (NCLT) on March 7, saying the matter required an early decision.
The National Company Law Appellate Tribunal (NCLAT) on Tuesday said it will hear the Yamuna Expressway Industrial Development Authority’s (YEIDA) plea. The petition challenges the NCLT order allowing Suraksha Group’s bid to acquire debt-ridden Jaypee Infratech. However, the appellate tribunal refused to stay the order passed by the National Company Law Tribunal (NCLT) on March 7, saying the matter required an early decision.
The Appellate Tribunal issued notice to the security group while accepting the appeal filed by the Yamuna Expressway Industrial Development Authority for higher compensation to the farmers. Along with this, notice has also been given to the monitoring committee constituted to implement the solution plan. A two-member bench headed by Chairman Justice Ashok Bhushan said that an early decision is needed on the petition filed against the NCLT order. The Appellate Tribunal noted that the NCLT in its order dated March 7, 2023 virtually rejected the claim of additional compensation to the farmers by allotting an amount of Rs 10 lakh. However, according to the respondents (Safety Group and Monitoring Committee) this is the amount to which the appellant is entitled. The bench said that there is sufficient ground for hearing this appeal.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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