On Monday, the NCLAT also reserved its order on the extension of Corporate Insolvency Resolution Process time of JIL. The appellate tribunal is likely to pronounce its order on July 29, the next date of hearing in the case. Lenders to JIL Lenders have requested the NCLAT to exclude a period of nearly 250 days starting September 2018 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.
During the last hearing on July 17, the NCLAT had suggested terms for fresh bids to be considered for the latter. One of the primary conditions, the appellate tribunal had observed, should be that the builder-buyer agreements that were originally signed must not undergo any changes.
Jaypee was taken to the National Company Law Tribunal (NCLT) by an IDBI Bank-led consortium for failing to repay debt worth nearly Rs 24,000 crore. In the first round of insolvency proceedings conducted last year, the Rs 7,350-crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders. In October 2018, the RP of the company started a second round of bidding to revive Jaypee.