Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.

Corporate Trends

11,942.8598.75
Stock Analysis, IPO, Mutual Funds, Bonds & More

NCLAT refuses to stay voting by Jaypee Infratech creditor's panel

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

PTI|
May 14, 2019, 07.40 PM IST
0Comments
BCCL
Jaypee-Infratech-bccl
Justice Mukhopadhaya said the interest of thousands of home-buyers was of prime importance.
The NCLAT Tuesday refused to stay voting by the creditors' panel of Jaypee Infratech on the revised offer of state-owned NBCC Ltd to acquire the debt-laden realty firm through insolvency proceedings. Soon after a Committee of Creditors (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 Chairman 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 Jaiprakash Associates Ltd (JAL) to return nearly 760-acre land to its subsidiary Jaypee Infratech.

Jaypee Infratech's interim resolution professional (IRP) Anuj Jain had filed a petition in the National Company Law Tribunal (NCLT) seeking direction over transactions entered by the company's promoters, creating the mortgage on its 858 acres to secure debt for JAL.
0Comments

Also Read

NCLAT sends RCom back to insolvency

​NCLAT annuls voting on NBCC’s Jaypee bid

NCLAT dismisses insolvency plea against SpiceJet

NCLAT to decide over insolvency plea of RCom

NCLAT seeks dues details from IL&FS

Comments
Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for Live Elections News & Results, Latest News in Business, Share Market & More.

Other useful Links


Follow us on


Download et app


Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service