NCLAT annuls lenders' voting on NBCC's bid to acquire Jaypee Infratech
Updated : May 17, 2019 12:54 PM IST
Hearing a plea by IDBI Bank, seeking a stay or annulment of the voting process, a three-member bench of the NCLAT headed by Chairman Justice S J Mukhopadhaya asked the lenders to conduct a fresh voting from May 31.
IDBI Bank, the biggest lender to the debt-laden realty firm, had opposed NBCC's bid saying it was conditional.
It said NBCC's offer for the company was conditional upon grant of approval to transfer Yamuna Expressway's business to NBCC.