The National Company Law Tribunal (NCLT) has approved a Rs 103-crore bid to acquire debt-ridden NIIL Infrastructures, which is developing a housing project in Agra, Uttar Pradesh.

A two-member Principal bench of NCLT, headed by Acting President BSV Prakash Kumar, has approved the Rs 103.18 crore resolution plan by a consortium of Rishabh Verma and Shilendra Khirwar along with N-Homes.

In March 2018, NCLT Delhi had admitted the application seeking resolution for NIIL Infrastructures under the Insolvency and Bankruptcy Code and appointed Nisha Malpani as the Resolution Professional (RP).

In its order, NCLT has observed that the resolution plan provides no lay off for the workmen of the debt-laden company and for the full and final discharge of their dues for the period of 24 months preceding the insolvency commencement date.

"There appears to be no discrimination in the resolution plan in respective class of creditors as the same treatment is provided to similarly situated each class of creditors," the tribunal said.

The resolution plan by the consortium has already been approved by the lenders of the company.

"The resolution plan has been approved by 77.04 per cent voting share of the member of CoC and has been submitted in compliance of section 30 of the code.

In view of the aforesaid discussions and as no infirmity has been brought out upon screening the resolution plan, we hereby approver the resolution plan," said NCLT.

The tribunal observed that the resolution plan was higher than the liquidation value of the company, which was Rs 90.98 crore.