Encll has approved the bid for Jaypee Infra to re-invest in debt

July 31, 2019July 31, 2019

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The National Company Law Appellate Tribunal (Enclit) on Tuesday approved the re-bid for the debt-ridden company, JP Infratech. The company’s promoter JP Group, however, was stopped from participating in the auction. For the new auction, Enclat extended the company’s solution plan period to 90 days.

Enclat has given this directive, considering the refusal of the NBCC and the Security Realty solution plans for the second race for JP Infratech. In the case of Infrastructure Leasing and Financial Services (IL & FS) case, the Enclit is ready for hearing of petitions of group auditors Deloose Haskins and Sells LLP and BSR Associates LLP. In these petitions the auditors have challenged the order of the National Company Law Tribunal.