Majority of homebuyers, some lenders vote in favour of NBCC bid to acquire Jaypee Infra
The simultaneous voting to bids of both the contenders - NBCC and Mumbai-based Suraksha Realty - started on Dec 10 and ended tonight at 11.59 pm.
As many as 13 banks and over 23,000 homebuyers have voting rights in the Committee of Creditors. Buyers have nearly 58 per cent votes. For a bid to be approved, 66 per cent votes are required.According to sources, most of the home buyers have voted in favour of NBCC, while some lenders including IDBI and IIFCL too supported the resolution plan of NBCC. Advertisement
Final voting result is yet to be declared.
This is the third round of bidding process, initiated on the direction of the apex court.Jaypee Infratech's Interim Resolution Professional (IRP) had admitted homebuyers' claim amounting to over Rs 13,000 crore and lenders claim of nearly Rs 9800 crore.
In their latest bid, Suraksha Realty has offered Rs 190-crore cash and 2,320-acre land to lenders. NBCC has offered 1,526 acres of land to lenders.On Yamuna Expressway, NBCC has proposed to transfer the road asset to lenders but before that it would take loan of around Rs 2,500 crore against toll revenue to fund construction spend. Suraksha will keep expressway. For homebuyers, NBCC has proposed to complete about 20,000 flats in three and half years, while Suraksha in three years. Advertisement
Suraksha Realty has also kept aside Rs 250 crore worth of land for paying penalty to homebuyers for past delays.
In Jaypee Infratech, NBCC has offered to infuse Rs 120 crore, while Suraksha Rs 25 crore as equity.Jaypee Infratech, a subsidiary of crisis-hit Jaiprakash Associates, went into insolvency process in August 2017 after the National Company Law Tribunal admitted an application by an IDBI Bank-led consortium. Advertisement
Anuj Jain was appointed as an Interim Resolution Professional to conduct insolvency process and also manage the affairs of the company.
In the first round of insolvency proceedings conducted last year, the Rs 7,350-crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders. The Committee of Creditors rejected the bids of Suraksha Realty and NBCC in the second round held in May-June this year.The matter reached the National Company Law Appellate Tribunal and then the apex court. Advertisement
On Nov 6, the Supreme Court directed completion of Jaypee Infratech's insolvency process within 90 days and said the revised resolution plan will be invited only from NBCC and Suraksha Realty. MJH ABH
(This story has not been edited by Business Insider and is auto-generated from a syndicated feed we subscribe to.)
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