NCLAT annuls creditors' voting on NBCC's bid for Jaypee Infratech

Appellate tribunal says Jaypee committee of creditors can renegotiate with NBCC if need be. Voting to resume on May 31.

The National Company Law Appellate Tribunal (NCLAT) on Friday annulled voting by the committee of creditors (CoC) of Jaypee Infratech Limited on a bid submitted by NBCC (India) Limited for the debt-laden real estate company.

A three-member bench led by Chairperson Justice S J Mukhopadhaya gave the Jaypee CoC time till May 30 to renegotiate the terms with NBCC if required. Fresh voting on NBCC's bid will resume May 31.

“In case the Committee of Creditors are not inclined to accept the plan they will not pass any order of rejection without prior permission of this Appellate Tribunal,” said NCLAT.