Jaypee insolvency: NCLT to hear IDBI's plea on deadline extension on May 21

IDBI had approached the NCLT seeking extension of the corporate insolvency resolution process beyond the May 6 deadline as proceedings are still underway to find a buyer for Jaypee group's realty firm

Debt-ridden Jaypee Infratech's insolvency proceedings will continue for now as the Allahabad bench of NCLT has posted the matter for hearing on May 21 after lead lender IDBI sought extension of bankruptcy process beyond the deadline that expired on Monday.

IDBI had approached the National Company Law Tribunal (NCLT) seeking extension of the corporate insolvency resolution process (CIRP) beyond the May 6 deadline as the proceedings are still underway to find a buyer for the Jaypee group's realty firm.

According to sources, the Allahabad bench has posted the matter for hearing on May 21 and till then "status quo" will be maintained.

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