NBCC Seeks Waiver Of Rs 40k Crore Claims On Jaypee Infratech Ltd - Dollar Advisory Financial Services

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Wednesday 8 May 2019

NBCC Seeks Waiver Of Rs 40k Crore Claims On Jaypee Infratech Ltd

State-run NBCC NSE -3.47 % (India) has sought waivers from tax and other claims of at least over .`40,000 crores on Jaypee Infratech Ltd NSE -4.26 % (JIL) in its updated bid to get the real estate company, which is undergoing insolvency proceedings in the National Company Law Tribunal (NCLT). The CoC had first rejected NBCC’s offer on the ground that it lacked proper government approvals in its bid offer. However, following this rejection, the government approved NBCC’s updated bid on May 1. In its revised offer, NBCC had asked for an income tax waiver of Rs 33,000 crore against the transfer of land parcels from Yamuna Expressway Industrial Development Authority (YEIDA) to Jaypee Infratech. It has said in its offer that the Income Tax Authority has been forming an addition to the income of about Rs 2,950 crore on an annual basis, which is estimated to be a tax demand of Rs 33,000 crore for a period of 30 years, treating the transfer of land parcels as revenue subsidy. Of this, the department has already raised claims of Rs 3,334 crore. 

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