Jaypee Associates moves SC against NCLAT order

New Delhi, Aug 1 (IANS) Jaypee Associates Ltd (JAL) on Thursday moved the Supreme Court against the National Company Law Appellate Tribunal (NCLAT) order which barred it, the parent company, from bidding for Jaypee Infratech Ltd (JIL).The appeal and other connected pleas will be heard on Friday.On July 30, the NCLAT extended the resolution process of JIL by 90 days, thereby allowing submission of fresh bids for the bankrupt realty company.The tribunal said the process of bidding and approval of a resolution plan by the committee of creditors (CoC) should conclude in 45 days.The 90-day extension comes amid the lenders' request to exclude around 250 days, from September 17, 2018 to June 4, 2019, from the stipulated period for corporate insolvency resolution process, as during this period no bid could be voted upon in view of the confusion regarding the voting rights of the home buyers.Under the Insolvency and Bankruptcy Code (IBC), the resolution process of a company is mandated to be concluded within 270 days, failing which the company has to go for liquidation. The 270-day deadline for Jaypee Infratech ended on May 6.
--IANS ak/vd