Jaypee Infra case: Lender’s committee decides to vote on proposals of NBCC, security group

Jaypee Infra case: Lender’s committee decides to vote on proposals of NBCC, security group

New Delhi, Jun 10 (PTI) Financial lenders of Jaypee Infratech Ltd (JIL) on Thursday decided to vote on the final proposals submitted by NBCC and Suraksha Group.

Jaypee Infratech went bankrupt about four years ago. The winning company will take over Jaypee Infratech and complete over 20,000 pending residences across various projects in Delhi-NCR.

The meeting was held by the Lenders Committee of JIL to discuss resolution proposal of state-owned NBCC and Suraksha Group under the Corporate Insolvency Resolution Process (CIRP).

According to sources, the lenders’ committee comprising representatives of 20,000 home buyers, including 13 banks, has decided to vote on the proposal of both the companies. The voting process is likely to begin from Monday and will continue till June 23.

Home buyers have 56.63 per cent voting rights in the Lenders Committee, 43.25 per cent with lenders and fixed deposit holders with the remaining voting rights.

According to sources, before the meeting of the Lenders Committee, Interim Resolution Professional (IRP) Anuj Jain submitted the report to the committee. In which he said that NBCC’s proposal is in line with IBC (Indebtedness and Insolvency Code).

However, the IRP report raised concerns that NBCC’s proposal to transfer 90 per cent stake in Yamuna Expressway to banks was not in consonance with the Supreme Court order passed in March this year.

It is noteworthy that this was the fourth meeting to decide on the vote on the resolution in the JIL acquisition case.

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