Jaypee insolvency case: NBCC may move Supreme Court against decision to reject its bid
State-owned NBCC NSE -0.40 % might approach the Supreme Court against the creditors’ panel decision to declare its offer to acquire Jaypee NSE 0.00 % Infratech as non-compliant with certain provisions of the insolvency law. According to sources, NBCC is considering the legal option as it feels the decision was biased.
The public sector firm is likely to write to Interim Resolution Professional (IRP) Anuj Jain and the Committee of Creditors (CoC), raising its objections against the decision.
Interestingly, NBCC’s plan was approved by the CoC and the National Company Law Tribunal (NCLT) in the third round of bidding process held in late-2019 and early-last year.
