IDBI Bank seeks time for JaypeeInfratech resolution

IDBI Bank, the debt stressed JaypeeInfratech’s lead lender, has approached the Allahabad bench of the National Company Law Tribunal (NCLT) to seek an extension to insolvency proceedings beyond the current deadline of May 6, even as the voting for Suraksha Realty’s bid begins from Tuesday. Two people familiar with the development said that the NCLT’s bench heard IDBI’s plea on Monday but scheduled a hearing on May 6 which also happens to be the deadline to complete the insolvency process for debt-hit realtor.