The home buyers of insolvent Jaypee Infratech projects got relief to some extent on Tuesday as the National Company Law Appellate Tribunal (NCALT) has extended the resolution period by another 90 days.
However, the Tribunal has granted only 45 days to appointed Interim Resolution Professional (IRP) and the Committee of Creditors (CoC) to invite fresh bids from the third parties to resolve the matter.
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 home buyers.
The development has come while hearing a plea of lenders requesting the tribunal to exclude the 250 days from stipulated period for Corporate Insolvency Resolution Process (CIRP).
“The Tribunal directed Resolution Professional and CoC of the company to finish the entire process of selecting new resolution bidders,” said a home buyer privy with the matter.
The Tribunal has asked the state-owned real estate firm National Buildings Construction Company (NBCC) to submit a fresh resolution plan to takeover Jaypee Infratech group. The Tribunal has also rejected the plea of Jayprakash Association Ltd, father company of Jaypee Infratech for seeking to submit resolution plan.