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NCLAT refuses to stay voting by Jaypee Infratech creditors' panel

Press Trust of India  |  New Delhi 

The NCLAT Tuesday refused to stay voting by the creditors' panel of on the revised offer of state-owned to acquire the debt-laden realty firm through proceedings.

Soon after a (CoC) decided to put for vote NBCC's bid, banks sought a stay on the voting process.

Refusing to entertain the plea by banks, a two-member NCLAT bench headed by Justice S J Mukhopadhaya also warned banks that they would get "zero rupees" if the process is stalled.

Justice Mukhopadhaya said the interest of thousands of home-buyers was of prime importance and the matter needed to be resolved even if there is just one bidder.

The banks made the plea before the bench which was to take up the matter of an appeal against an NCLT order that directed (JAL) to return nearly 760-acre land to its subsidiary

Jaypee Infratech's interim resolution professional (IRP) had filed a petition in the (NCLT) seeking direction over transactions entered by the company's promoters, creating the mortgage on its 858 acres to secure for JAL.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, May 14 2019. 19:26 IST
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