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NCLAT extends Jaypee Infra resolution period, rejects promoters' bid

It has also directed the RP and the Committee of Creditors of the company to finish the entire process of selecting new bidders

Press Trust of India  |  New Delhi 

Jaypee's CoC will meet on May 9 to discuss NBCC's revised bid

The National Company Law Appellate Tribunal on Tuesday extended the resolution period of debt-ridden for another 90 days, starting from receipts of the order.

A two-member bench headed by Chairman Justice S J Mukhopadhaya has granted 45 days to the resolution professional of the to complete the process of inviting new bids.

It has also directed the RP and the Committee of Creditors of the company to finish the entire process of selecting new bidders.

The appellate tribunal has also rejected the plea of Jaiprakash Associates Ltd, the promoters of Jaypee Infratech, to be eligible to submit bid.

The had asked state-owned NBCC, whose bid was rejected by the CoC of Jaypee Infratech, to submit fresh resolution plan for the debt-ridden company.

Lenders were requesting to exclude the 250 days from September 17, 2018, to June 4, 2019, from the stipulated period for Corporate Insolvency Resolution Process (CIRP), as this time was taken by the National Company Law Tribunal (NCLT) to decide on the voting rights of the homebuyers.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Tue, July 30 2019. 14:55 IST
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