The creditors of the debt-ridden Jaypee Infratech are scheduled to meet on 30th May for the discussion on the bid of state-owned NBCC in order to acquire the realty firm that has multiple stalled projects.
According to the sources, the Committee of Creditors [CoC] will meet on Thursday i.e. 30th May as 13 banks and 23,000 homebuyers have their right to vote in the CoC.
The creditors disapproved the bid Mumbai-based Suraksha Realty via the voting process that took place earlier this month.
Earlier to this, the sources informed that state-owned firm, NBCC agreed to negotiate with the Jaypee lenders on their proposal related to unsold flats. Although, the firm is still not in favor of diluting other conditions like exemption from tax liability.
The sources further said that after the presentation of revised NBCC bid, the lenders of the Jaypee insolvency case were hesitant on certain conditions like tax exemptions and the issue of unsold flats. The bid said that lenders have to acquire up to 2,207 unsold flats worth Rs 1,756 crore.
A few weeks before, the National Company Law Appellate Tribunal (NCLAT) has canceled the voting by lenders and homebuyers on the revised NBCC bid due to some disapproval on the lender’s side. They have given time till May 30, after which the voting process will again start on May 31.
This cancellation has led to renegotiations between NBCC and lenders, but only on the unsold flat issue and not on the tax exemptions, sources said.