IDBI BankNSE -4.43 %, the debt stressed Jaypee Infratech’s lead lender, has approached the Allahabad bench of the National Company Law Tribunal (NCLT) to seek an extension to insolvency proceedings beyond the current deadline of May 6, even as the voting for Suraksha Realty’s bid begins from Tuesday.
Two people familiar with the development said that the NCLT’s bench heard IDBI’s plea on Monday but scheduled a hearing on May 6 which also happens to be the deadline to complete the insolvency process for debt-hit realtor.
“Home buyers and lenders’ e-voting is expected to continue for three days starting Tuesday and the outcome will be known by Friday,” said one of the persons mentioned above.
The Sudhir Valia-promoted Suraksha Realty-led consortium is the only bidder left in the fray after bankers rejected the bid of state owned NBCC for lack of approvals from government authorities.
However, a meeting of Committee of Creditors (COC) earlier scheduled to take place on Tuesday has now been cancelled. An IDBI Bank spokesperson declined to comment for the story.
Source: Economic Times