Jaypee Infra IBC case: NBCC seeks extension of 4 weeks from SC to submit revised resolution plan

Updated : April 07, 2021 02:39 PM IST

NBCC has filed an application with the Supreme Court (SC) seeking an extension of 4 weeks for submission of bids in the Jaypee Infra IBC case, sources informed.

NBCC has filed an application with the Supreme Court (SC) seeking an extension of 4 weeks for submission of bids in the Jaypee Infra IBC case, sources informed.

SC had ordered a fresh round of bids for JIL to be submitted by today.

NBCC is among prospective resolution applicants for JIL. SC had allowed Suraksha and NBCC to submit new bids by today, where no other bids are allowed.

Jaypee Infratech is a landmark case under the Insolvency and Bankruptcy Code (IBC) and is the primary reason behind the amendment to the IBC that gave homebuyers the status of a financial creditor to protect their rights.

Last month, the Supreme Court had remanded the Jaypee Infratech case back to the Committee of Creditors (CoC) while holding that Rs 750 crore deposited by Jaypee Infratech's parent company, Jaiprakash Associates, is not a part of the resolution plan. The apex court had also given an additional period of 45 days to the creditors for the completion of the Corporate Insolvency Resolution Process (CIRP).

Earlier in March, the Allahabad bench of the National Company Law Tribunal (NCLT) had mandated that Rs 750 crore would be a part of the resolution plan.

The Rs 750-crore deposited by Jaiprakash Associates was a payment towards the obligation of the debt-ridden firm and should be treated as the asset of the corporate debtor, the NCLT had observed.

Published : April 07, 2021 09:41 AM IST

Jaypee Infra IBC case: NBCC seeks extension of 4 weeks from SC to submit revised resolution plan

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