NCLT asks lenders to consider NBCC bid for Jaypee Infratech

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NEW DELHI: In a major relief for state-run construction major NBCC, the Allahabad bench of the National Company Law Tribunal (NCLT) on Monday asked the Committee of Creditors (CoC) of Jaypee Infratech (JIL) to consider NBCC’s revised bid to acquire the insolvent realty company.

The bench adjourned hearing the matter till May 21 and said that the corporate insolvency resolution process (CIRP) would continue.

The 270-day deadline for resolution of JIL’s insolvency case ends on Tuesday, May 6. JIL’s lead lender, state-run IDBI Bank, had approached the tribunal last week seeking extension of the resolution period.

The CoC of Jaypee Infratech will meet on May 9 to discuss the revised bid by the NBCC. The Insolvency Resolution Professional (IRP) Anuj Jain had on Friday invited the stakeholders for the meeting, bank sources said.

The e-voting for the resolution of the company ended on Friday whereby the bid of Suraksha Realty, the only contender remaining, was rejected by the CoC. The NBCC’s revised bid was not cleared by the CoC as it then required several other approvals.

Source: Press Trust of India