A file photo of the under-construction Jaypee Wish Town Project, developed by Jaypee Infratech, in Noida. (Photographer: Prashanth Vishwanathan/Bloomberg)

Stay On Jaypee Infratech Insolvency Case To Continue

The National Company Law Appellate Tribunal on Tuesday directed representatives of lenders, allottees and other stakeholders in debt-ridden Jaypee Infratech Ltd. to appear before it on July 17 after banks rejected NBCC (India) Ltd.'s acquisition bid.

The three-member bench headed by Justice Chairman SJ Mukhopadhyaya said it is not keen to consider Adani Group's bid at this stage saying it has no experience in infrastructure and questioned the banks on backdoor negotiations with the business conglomerate.

It directed Jaypee Infratech’s committee of creditors to produce a gist of the resolution plan submitted by NBCC and objections they have with regard to the plan.

Also read: After Refusing NBCC Bid, Jaypee Infratech Lenders Look To Courts For Cues

Bloomberg Quint

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