In a recent development, the lenders of the Debt-ridden firm Jaypee Infratech have voted against the NBCC’s proposal to acquire the group and complete the stuck houses. The move came just after the announcement by the National Company Law Appellate Tribunal (NCLAT) in which it has clarified that lenders can vote against the NBCC bid proposal and there is no pressure on them to vote in favour.
As per the sources, the exact number of the vote count in favour and against cannot be predicted now due to the insolvency court order. But according to few sources, the NBCC bid possibly has not able to gather the mandatory nod of two-thirds of lenders and buyers.
The voting process started on May 31 and concluded on June 10. The law tribunal has directed Interim Resolution Professional (IRP), Anuj Jain, to report the outcome of the voting process directly to it.
In Jaypee case, the law tribunal has given permission to both homebuyers as well as lenders to equally participate in the voting for the bid. As many as 13 banks and over 23,000 homebuyers participated in the voting. In order to get approval for the bid, at least 66 percent votes should be in favour of the NBCC.
Yesterday only, the NCLAT has given their decision on a batch of an application filed by the banks and the lenders on the issue of voting against the NBCC bid. On their decision, the law tribunal said, “We have not said do not vote against. We have said the CoC may not file a final report on the decision if it is rejected.”
On absentee voters, the law tribunal said, “We make it clear that if any of the financial creditors remain absent in voting, their voting percentage shall not be counted for the purpose of counting voting share in terms of the decision already passed by this appellate tribunal.”
The next date of hearing in the above case is July 17.