Fresh bids for Jaypee Infratech can be considered, says NCLAT

Garima Singh New Delhi | Updated on July 17, 2019 Published on July 17, 2019

The National Company Law Appellate Tribunal (NCLAT) on Wednesday said fresh bids for the acquisition of Jaypee Infratech can be considered, paving the way for more players to place bids for the debt-ridden real estate company.

“The flats will be given to the allottees per the builder-buyer agreements. Also, the land attached to the building and the common area amenities will also remain with the allottees,” said a two-member Bench headed by SJ Mukhopadhaya, NCLAT Chairperson.

The appellate tribunal, in its next hearing on July 22, will hear lenders’ request 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 homebuyers.

The NCLAT further said today the Adani Group needs to improve its bid and adhere to the terms and conditions of the tribunal if it wishes to enter the fray.

According to a PTI report, the NCLAT directed IDBI Bank, the lead lender, to file an affidavit by Friday, listing out new terms and conditions if a fresh round of bidding is conducted. “Counsel appearing for lenders is allowed to file new terms and conditions in case fresh bidding takes place,” the Bench said.

On June 10, the lenders had rejected state-owned NBCC’s revised bid for the company.

Mumbai-based Suraksha Realty’s proposal to acquire the company was also earlier rejected by the financial creditors.

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Published on July 17, 2019
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