The National Company Law Appellate Tribunal (NCLAT) refused Tuesday to stay voting by Committee of Creditors (CoC) of Jaypee Infratech Limited (JIL) in which the lenders are set to decide on NBCC India Limited’s offer for the debt-laden realty firm.
The final decision of JIL’s lenders will, however, be subject to the outcome of an appeal filed by ICICI Bank and other lenders.
Last May, the Allahabad bench of NCLT had ordered Jaiprakash Associates Limited (JAL) to return 858 acres of land to JIL. The parent firm JAL had mortgaged this land pool with lenders such as State Bank of India, ICICI Bank, IDBI Bank, and Standard Chartered Bank to obtain loans.
