Jaypee Infratech
Img : financialexpress

In a recent development, NCLAT i.e. the National Company Law Appellate Tribunal extended the resolution period of debt-ridden Jaypee Infratech for another 3-months that are 90 days. This extension starts from the receipts of the order.

A two-member bench headed by Chairman Justice S J Mukhopadhaya granted 45 days to the resolution professional of the Jaypee Infratech for the completion of process for inviting new bids. The bench also directed the RP and the Committee of Creditors of the Jaypee group to complete the procedure of selecting new bidders.

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

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

The 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). This is demanded as the National Company Law Tribunal (NCLT) took this time to decide about the voting rights of the homebuyers.

Earlier this month, Supreme Court asked the Central Government to come out with a “uniform” proposal for all cases to resolve the difficulties being faced by lakhs of homebuyers who have not yet got possession of flats despite paying huge amounts of money to real estate builders.

While hearing the homebuyers matter related to Jaypee Infratech Ltd the apex court said that the issue concerns lakhs of flat buyers and the Centre should give a proposal to resolve it.