NCLAT allows 90 day extension in Jaypee Infra CIRP, allows fresh bids

Appellate tribunal bars Jaypee Infra parent firm from submitting fresh bids

The National Company Law Appellate Tribunal (NCLAT) on Tuesday extended the Corporate Insolvency Resolution Period (CIRP) of Jaypee Infratech for 90 days--a period during which fresh bids for the company can be submitted.

Forty-five days will be used to finalise new bids and the rest to cure any discrepancies in the bids chosen by the Resolution Professional (RP).

A two-judge Bench led by Chairperson Justice S J Mukhopadhaya said that all old bids, including that of NBCC India, will stand invalid. The new bidders, including Adani Infrastructure and Development and NBCC, if they choose to submit fresh plans, will be