The National Company Law Appellate Tribunal (NCLAT) on Tuesday extended the Corporate Insolvency Resolution Process (CIRP) period of Jaypee Infratech for 90 days, during which fresh bids can be submitted. Of these 90 days, the initial 45 days have been granted for finalisation of new bids while the next 45 days have been kept additionally to cure any discrepancies in the bids chosen by the Resolution Professional (RP).
A two-judge Bench, led by Chairperson Justice S J Mukhopadhaya, said all old bids, including that of NBCC India, would stand invalid. The new bidders, including Adani Infrastructure and Development and NBCC, if they choose to submit fresh plans, will be free to do so in accordance with the law.
