NCLT Allahabad bench, during a hearing in the JIL case last week, said that the single-member bench could not hear the matter and sought a clarification on the same from the principal bench
The principal bench of the National Company Law Tribunal (NCLT) at Delhi on Monday transferred the insolvency proceedings in the Jaypee Infratech (JIL) case to itself. The matter was being heard by the NCLT bench at Allahabad.
The principal bench issued the order upon oral mentioning by IDBI Bank-led lenders’ counsel, Bishwajit Dubey, seeking the issuance for an early clarification in the matter. The issue of clarification arose as the Allahabad bench, during a hearing in the JIL case last week, said that the single-member bench cannot hear the matter and said that a clarification on the same should be sought from the principal bench. IDBI Bank is the lead lender of the debt-ridden JIL.
NCLT Allahabad bench was hearing an application filed by JIL’s interim resolution professional (IRP) Anuj Jain to approve the NBCC which won the bid to acquire Jaypee Infratech after financial creditors, including lenders and homebuyers, approved its resolution plan.
This was the third round of bidding for JIL, since the matter went to the National Company Law Tribunal in August 2017. This round of bidding was initiated on the directions of the Supreme Court.
In its final bid, NBCC offered 1,526 acres of land to lenders from 1,426 acres earlier, under the debt-land swap deal. It also reduced the timeline for completion of over 20,000 flats to three-and-a-half years from the earlier 4 years.