New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Friday annulled voting by the committee of creditors on state-owned NBCC's bid to acquire Jaypee Infratech. Hearing a plea by IDBI Bank, seeking a stay or annulment of the voting process, a three-member bench of the NCLAT headed by chairman justice S.J. IDBI Bank, the biggest lender to the debt-laden realty firm, had opposed NBCC's bid saying it was conditional. Homebuyers and lenders of Jaypee Infratech on Thursday started voting on NBCC's bid to acquire Jaypee group's realty firm and complete the construction of over 20,000 flats. The voting process was to end on Sunday and the outcome declared on 20 May.

Source: Mint May 17, 2019 07:18 UTC