Public sector construction major, NBCC's bid to acquire the company was rejected by the lenders

In a bid to resolve differences between the stakeholders in the insolvency case of debt-ridden real estate firm Jaypee Infratech Ltd (JIL), the National Company Law Appellate Tribunal (NCLAT) on Tuesday called a representative each of the lenders, bidder NBCC (India) and the home buyers for its next hearing on July 17.

The decision comes as a ray of hope for Jaypee Infratech's distressed home buyers, who want NBCC to take over the bankrupt company and its assets.

Public sector construction major, NBCC's bid to acquire the company was rejected by the lenders, led by IDBI Bank, in the latest round of voting, even though the home buyers were in its favour.

A three-member bench headed by NCLAT Chairman Justice SJ Mukhopadhyaya on Tuesday also refused to consider a bid by the Adani Group and questioned the banks' back-door negotiations with the group.

The Tribunal observed that it was keen on getting the NBCC's bid amended to suit all the concerned stakeholders.

The NBCC's bid seeks cancellation of an estimated income tax liability of Rs 33,000 crore due over a period of 30 years under the concession agreement for the transfer of land from the Yamuna Expressway Industrial Development Authority to JIL.