NCLAT extends Jaypee Infratech insolvency period by 90 days

The National Company Law Appellate Tribunal on Tuesday extended the resolution period of debt-ridden Jaypee Infratech for another 90 days, starting from receipts of the order. A two-member bench headed by Chairman Justice S J Mukhopadhaya has granted 45 days to the resolution professional of the Jaypee Infratech to complete the process of inviting new bids. It has also directed the RP and the Committee of Creditors of the company to finish the entire process of selecting new bidders. The appellate tribunal has also rejected the plea of Jaiprakash Associates Ltd, the promoters of Jaypee Infratech, to be eligible to submit bid. The NCLAT had asked state-owned NBCC, whose bid was rejected by the CoC of Jaypee Infratech, to submit fresh resolution plan for the debt-ridden company. Lenders were requesting 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.