Jaypee's IRP approaches NCLT for approval of NBCC's bid

Jaypee Infratech's Interim Resolution Professional Anuj Jain has filed an application before the National Company Law Tribunal (NCLT), Allahabad, to approve the bid of state-owned NBCC to acquire debt-laden realty firm through insolvency process, sources said. Last month, NBCC won the bid to acquire Jaypee Infratech after financial creditors, including lenders and homebuyers, approved its resolution plan. NBCC's resolution plan was approved by the committee of creditors (CoC) with 97.36 per cent votes in favour. This was the third round of bidding process to find a buyer for Jaypee Infratech, which went into the corporate insolvency resolution process (CIRP) in August 2017. The successful resolution will provide a big relief to over 20,000 distressed homebuyers across various housing projects launched by Jaypee Infratech in Noida and Greater Noida (Uttar Pradesh). NBCC has proposed to complete these pending projects in the next three-and-a-half years.