IDBI Bank seeks NCLT nod to extend Jaypee resolution deadline

IDBI Bank, the prime lender of Jaypee Infratech (JIL), has approached the Delhi bench of National Company Law Tribunal (NCLT) seeking extension of the 270-day deadline for the resolution of the company, sources said.

The deadline ends on May 6 and the Committee of Creditors (CoC) is likely to meet on April 30 to put to vote the Mumbai-based Suraksha Realty's bid, the only approved bid.

Sources said there has been no decision on the extension by the NCLT so far.

Among the fresh bids of National Buildings Construction Corp (NBCC) and Suraksha Realty, NBCC's bid was rejected last Friday as the CoC found the offer to be conditional and subject to approvals from several government departments.

Sources said that NBCC has approached the insolvency resolution professional (IRP) saying it is interested in taking over JIL and its bid should be considered on merit.

Meanwhile, Adani Group also showed interest to enter the ring and sent an expression of interest to the CoC but eventually did not submit its resolution.

Jaypee promoters also persuaded the home buyers last week to support the company in withdrawing the case from the insolvency process under Section 12 A of the Insolvency and Bankruptcy Code (IBC) promising completion of over 20,000 homes in four years time, which a section of the home buyers immediately rejected.

--IANS

rrb/prs