The lenders of the debt-ridden Jaypee Infratech decided to put the NBCC’s revised bid to vote. This decision is taken in the recently held meeting of the Committee of Creditors where the lenders unanimously decided to give the state-owned NBCC [National Building Construction Company] one more chance.
According to the sources, both the homebuyers as well as the financial creditors will vote on the NBCC’s revised bid on Thursday and the voting process will continue till Sunday.
Prior to this, the proposal to acquire debt-ridden Jaypee Infratech went for voting. However, on 3rd May, the home buyers and the Committee of Creditors rejected the bid of Mumbai-based Suraksha Realty’s group. Earlier on 1st May, the Ministry of Housing and Urban Affairs [MoHUA] gave its approval to the revised bid of NBCC to acquire the Jaypee Infratech group.
A day before it was reported that the National Buildings Construction Corporation [NBCC] cleared its stand of not diluting any of the conditions they offered in the revised bid even as some lenders of the Jaypee group have asked them to do so. According to the sources, these conditions include exemption from tax liability and other reliefs and concessions.
On the other hand, the Committee of Creditors [CoC] decided to take a decision on NBCC’s revised bid.
Earlier this month, the Allahabad bench of NCLT extended the deadline for insolvency proceedings against the Jaypee group from 6th May to 21st May. Recently, the IDBI bank requested to the Allahabad bench of the National Company Law Tribunal to extend the deadline of the insolvency proceedings.
In 2017, the National Company Law Tribunal (NCLT) had admitted the application by an IDBI Bank-led consortium, seeking resolution for JIL under the Insolvency and Bankruptcy Code. The tribunal had appointed Anuj Jain as IRP to manage the company’s business, who later invited bids from investors interested in acquiring JIL and completing the stuck real estate projects in Noida and Greater Noida