new delhi may 6 debtridden jaypee infratechs insolvency proceedings will continue for now as the allahabad bench of nclt has posted the matter for hearing on may 21 after lead lender idbi sought extension of bankruptcy process beyond the deadline that expired on monday idbi had approached the national company law tribunal nclt seeking extension of the corporate insolvency resolution process cirp beyond the may 6 deadline as the proceedings are still underway to find a buyer for the jaypee groups realty firm according to sources the allahabad bench has posted the matter for hearing on may 21 and till then status quo will be maintained a meeting of committee of creditors coc has been scheduled on may 9 jaypee infratechs interim resolution professional irp anuj jain informed last week sources had said the coc will now discuss the proposal of stateowned nbcc to acquire jaypee infratech the real estate arm of jaypee group jaypee infratech is a subsidiary of jaiprakash associates the flaghsip firm of jaypee group the creditors which include banks and home buyers on may 3 rejected the bid of mumbaibased suraksha group the lone contender left after rejection of nbccs bid on the ground that the offer did not have the approvals of government authorities as the nbcc has now got the necessary approvals the coc is ready to discuss on nbccs bid once again on may 9 on january 28 this year the nclt had extended the period of the cirp by another 90 days as 180 days mandated under the insolvency and bankruptcy code ibc was ending on february 5 2019 under the ibc a resolution process has to be completed under 180 days with a further extension of 90 days to 270 days and if the company fails to complete the cirp within the mandated 270 days then the company goes for liquidation in the last hearing on april 29 idbi had requested the tribunal to deduct the number of days in litigation period at several judicial forums which include the national company law appellate tribunal nclat and the supreme court idbis plea was supported by the representative of the home buyers who have also got the status of financial creditors after amendments in the ibc however the promoters of jaypee infratech had opposed any move to extend the resolution period in 2017 the nclt admitted the application by an idbi bankled consortium seeking resolution of jaypee infratech during the first round of insolvency proceedings the rs 7350 crore bid of lakshdeep part of suraksha group was rejected by lenders as it was found to be substantially lower than the companys net worth and assets in october 2018 the resolution professional started a fresh initiative to revive jaypee infratech on the nclts direction mjh mkj