The tribunal cited that the assets of the 'corporate debtor' cannot be alienated during a moratorium period.
In its plea before the appellate tribunal, ICICI Bank submitted that there has been no progress in its petition filed before the NCLT Allahabad in last nine months.
A majority of lenders voted against NBCC's bid on June 10 but most home buyers wanted the state-owned company to takeover the debt-laden realty firm.
Meanwhile, one member of the board of directors (BoD) of the company moved the Punjab and Haryana High Court alleging that the copy of the resolution plan was not served to him.
The Delhi-based appellate also directed for the completion of the ongoing voting process, which ends later in the day.
The voting on the NBCC bid began at noon on May 31 and is expected to continue for ten days until June 10.
While voting will continue till June 10, the state-owned firm still hasn't diluted certain conditions in its offer including relief from future tax liabilities.
As per NCLAT directives, lenders are negotiating with the NBCC on the latter's bid to acquire Jaypee Infratech and complete stuck housing projects comprising over 20,000 units.
The Indian online retail market is all set to witness a legal battle between domestic online vendors and e-commerce giant Flipkart, which was taken over by US-based retail major Walmart last summer.
State-run GAIL has emerged as the highest bidder with offer of Rs 4,800 crore for IL&FS Wind Energy Ltd (IWEL), which has seven operating wind power plants.
During the proceedings, senior advocate Kapil Sibal appearing for Standard Chartered Bank, a secured creditor of Essar Steel, questioned the addition of working capital in the final resolution amount.
NCLAT has also approved the delay of 12 days in filing appeal (By the association) against the order of the Competition Commission of India (CCI).
Homebuyers and lenders of Jaypee Infratech on Thursday started voting on NBCC's bid to acquire Jaypee group's realty firm and complete the construction of over 20,000 flats.
The plea Essar Steel Asia comes weeks after an insolvency court cleared ArcelorMittal's bid for Essar Steel, which was auctioned by lenders to recover unpaid loans.
The National Company Law Appellate Tribunal (NCLAT) on Thursday modified its order in the IL&FS case, allowing banks to classify non-performing assets as per the Reserve Bank guidelines.