Pre-voting for Jaypee Infratech auction stopped midway
Pre-voting for Jaypee Infratech auction stopped midway
Praveen Dwivedi
Pre-voting for Jaypee Infratech auction stopped midway
Photo: CitySpidey

Pre-voting for Jaypee Infratech auction stopped midway

Greater Noida: The pre-voting process to decide one out of two bidders for final voting in insolvent Jaypee Infratech case has been stopped midway, sources said. As was earlier reported that following the demand of homebuyers, a pre-voting was initiated by IRP according to which, the homebuyers were supposed to decide their preferred bidder to put it for final voting.

The sources said that e-voting was stopped following objections raised by a group of homebuyers. "Therefore, to avoid any confusion or conflict at this stage pre-voting process was cancelled," said a source privy with the development.

The two bidders – state-run real estate firm NBCC and Mumbai-based Suraksha Realty had submitted their revised resolution plans to acquire debt-ridden Jaypee Infratech and to complete all its stalled projects in Noida and Greater Noida.

Also read: Jaypee Infratech goes under hammer, pre-voting gets underway 

Interestingly, Suraksha Realty has involved another partner, JSW Infrastructure, to show its strength in the race for acquiring Jaypee Infratech projects. However, the homebuyers called it a tactic to make an easy way for Suraksha Realty instead of the government-run NBCC.

The fact that the homebuyers have been vocally in favour of the projects going to NBCC's kitty, as the Centre has assured of tax concessions for the projects only if the public sector construction major takes them over.

The Committee of Creditors (CoC) headed by appointed Interim Resolution Professional (IRP) Anuj Jain, will hold a meeting on December 7. The voting date is likely to be decided in the meeting.