Jaypee Infra resolution back on drawing board as banks reject NBCC bid

NCLAT calls stakeholders on July 17 to discuss NBCC plan again, says no other plan should be considered for now

The insolvency resolution of Jaypee Infratech is back on the drawing board as the National Company Law Appellate Tribunal (NCLAT) on Tuesday asked representatives of all stakeholders to resume discussions on the bid submitted by NBCC (India).

The NCLAT has called for another round of discussion between banks, homebuyers, and fixed deposit holders on July 17 after it was told that the 13 banks, which are lenders to Jaypee, had rejected the NBCC plan, while some homebuyers had abstained from voting.

On Tuesday, the resolution professional of Jaypee informed the NCLAT that of the total votes polled on NBCC’s plan, nearly 34.75