Anuj Jain, Interim Resolution Professional (IRP) of Jaypee Infratech has filed an application before the Supreme Court seeking an extension of the CIRP deadline till the first week of July 2021
State-owned NBCC and Suraksha group are in the fray to acquire the debt-laden realty firm Jaypee Infratech Ltd (JIL) and complete over 20,000 pending flats for homebuyers. The Supreme Court earlier granted 45 days’ time to complete the Corporate Insolvency Resolution Process (CIRP), which has been expired on 8 May 2021.
In the last meeting of JIL's Committee of Creditors (CoC), that an application was filed before the court on 6 May 2021 to seek an extension by 30 days, Anuj Jain informed.
Anuj Jain filed another application on 3 June seeking a further extension by 30 days on the instructions of the CoC members. The applications are likely to be heard in the first week of July, they added. Jain informed the CoC that the CIRP of JIL has to be completed by July 7, subject to the Supreme Court's verdict on the extension of the CIRP timeline.
JIL went into the insolvency process in August 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium.
In the first round of insolvency proceeding, the Rs 7,350-crore bid of Lakshadweep, part of Suraksha Group, was rejected by lenders. The CoC had rejected the bids of Suraksha Realty and NBCC in the second round held in May-June 2019.
The matter reached the National Company Law Appellate Tribunal (NCLAT) and then the apex court. In November 2019, the Supreme Court directed the completion of JIL CIRP within 90 days and ordered that the revised bids be invited only from NBCC and Suraksha.
Then in December 2019, the CoC approved the resolution plan of NBCC with 97.36 per cent votes in favour during the third round of the bidding process. In March 2020, NBCC had got approval from the NCLT to acquire JIL.
However, the order was challenged before the NCLAT and later the Supreme Court, which on 24 March this year ordered that fresh bids should be invited only from NBCC and Suraksha. The Supreme court had also directed that the resolution process be completed in 45 days, which lapsed on May 8, 2021.
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