NCLAT annuls voting on NBCC's revised bid to acquire Jaypee Infratech

By Praveen Dwivedi
Photo: City Spidey
Posted: May 17, 2019

The National Company Law Appellate Tribunal (NCLAT) on Friday annulled the ongoing voting on state-owned NBCC's revised bid by Committee of Creditors (CoC) to acquire Jaypee Infratech. 

A three-member bench of the NCLAT headed by Chairman Justice S J Mukhopadhaya annulled the voting and asked the lenders to carry our fresh voting from May 31.

IDBI Bank, the biggest lender to the debt-laden realty firm, had filed a plea with NCLAT seeking to stay or annulment of the voting process. They had opposed the NBCC's bid as it was conditional. It had stated that the offer was conditional upon grant of approval to transfer Yamuna Expressway's business to NBCC.

The bench has also said that CoC can renegotiate with NBCC on its revised bid.

The voting on NBCC's bid started on Thursday. Home buyers and lenders were voting to decide the fate of over 20,000 aggrieved home buyers who have not got their properties.

The voting was to continue till Sunday and the results was to be declared on May 20. This was the second time the financial creditors were voting on the resolution plan for Jaypee Infratech.

On May 3, the voters had rejected the bid of Mumbai-based Suraksha Realty.

TAGS: JIL insolvency proceedings / Jaypee Infratech case / Jaypee incomplete projects / NBCC bid to acquire JIL / Voting on NBCC's bid / Jaypee home buyers / NCLAT / Noida news