SC sets aside NCLAT nod to Byju’s settlement with BCCI
Observing that the NCLAT did not apply its mind while delivering the impugned decision, the apex court directed a fresh adjudication on the insolvency proceedings.
The National Company Law Appellate Tribunal (NCLAT) Tuesday directed representatives of lenders, allottees and other stakeholders to appear before it on July 17. This happened after banks rejected NBCC’s bid to acquire debt-ridden Jaypee Infratech.
The three-member bench headed by Justice Chairman S J Mukhopadhyaya also refused to consider Adani Group’s bid saying it has no experience in infrastructure and questioned banks on back door negotiations with the business conglomerate.
Also, the National Company Law Appellate Tribunal directed the Committee of Creditors (CoC) to produce a gist of the resolution plan submitted by NBCC and objections they have with regard to the plan.
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Earlier, reports had said that NBCC is no more interested in acquiring JIL and its stalled projects. The change in guard at the ‘Navratna’ company had also impacted its approach towards the bankrupt JIL, people in the know of things said.
Home buyers had off late protested and written letters to the Prime Minister, Finance Minister and the Housing and Urban Affairs Minister asking the government to direct the IDBI Bank to accept the NBCC bid.
(With inputs from PTI)
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