NCLT asks lenders to consider NBCC bid
In a major relief for state-run construction major NBCC, the Allahabad bench of the National Company Law Tribunal (NCLT) on Monday asked the Committee of Creditors (CoC) of Jaypee Infratech (JIL) to consider NBCC's revised bid to acquire the insolvent realty company. The bench adjourned hearing the matter till May 21 and said that the corporate insolvency resolution process (CIRP) would continue. The 270-day deadline for resolution of JIL's insolvency case ends on Tuesday, May 6. JIL's lead lender, state-run IDBI Bank, had approached the tribunal last week seeking extension of the resolution period.
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