New Delhi: The National Company Law Appellate Tribunal (NCLAT) Friday annulled voting by 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 Mukhopadhaya asked the lenders to conduct a fresh voting from May 31.
IDBI Bank, the biggest lender to the firm, opposed NBCC’s bid saying it was conditional. It said NBCC’s offer for the company was conditional upon grant of approval to transfer Yamuna Expressway’s business to NBCC.
