National Company Law Appellate Tribunal directs NBCC to implement a resolution plan: JIL
New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Wednesday directed State-run NBCC to implement the approved resolution plan for JIL, but subject to the final order in the matter.
The NCLAT’s direction came on petition by NBCC, which won the bid to acquire Jaypee Infratech. The public sector construction major had challenged modifications to its bid when it was approved by the National Company Law Appellate Tribunal and sought an stay on the implementation of the modified plan.
The appellate tribunal, however, declined to stay the implementation of the modified resolution plan.
The two judge bench headed by the acting NCLAT Chairman Justice Bansi Lal Bhat also told the Interim Resolution Professional to set up an ‘Interim Monitoring Committee’. (IANS)