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The IDBI Bank that led-consortium and sought a resolution against the Jaypee Infratech under the Insolvency and Bankruptcy Code now seek more time in the same and moved to the Allahabad bench of the National Company Law Tribunal (NCLT) for the same. The extension has been asked now when the already fixed deadline of 6th May is just around the corner.

Also, the voting for the bid has begun today. The sources earlier told that the Committee of Creditors rejected the bid made by NBCC as it had several conditions and the conditional clause is not permissible under the insolvency proceedings.

The sources also said that the Allahabad bench of the National Company Law Tribunal heard the application of IBDI bank also hold the next hearing in the case on May 6. This day is also fixed to complete the insolvency process for the debt-ridden Jaypee Infratech.

According to the sources, both the home buyers and the lenders of the Jaypee group will vote for three consecutive days via e-voting and this process will begin from today. The result of the same will be out on Friday.

A few days back, after the rejection of their bid by the Jaypee lenders, the state-owned firm NBCC wrote to the IRP i.e. the interim resolution professional, Anuj Jain to express interest for acquiring the debt-ridden firm and also said that NBCC should get it on the basis of merit.

On the directive of Supreme Court, the National Building Construction Company is also working to complete the stalled projects of the Amrapali group and also said that it is done in the process to protect the interest of both bankers as well as the homebuyers.

The Jaypee lenders met on 26th April and took the decision to reject NBCC’s bid as it had some conditions and also required sanctions from multiple Government agencies and this is not permissible in case of insolvency.