Jaypee Infratech: Sources say 96 pc homebuyers, lenders voted in favour of NBCC
Jaypee Infratech: Sources say 96 pc homebuyers, lenders voted in favour of NBCC
Praveen Dwivedi
Jaypee Infratech: Sources say 96 pc homebuyers, lenders voted in favour of NBCC
Photo: Samrat Roy

Jaypee Infratech: Sources say 96 pc homebuyers, lenders voted in favour of NBCC

Noida: The voting of lenders to select their preferred bid to acquire assets of insolvent Jaypee Infratech ended on Monday. As per the sources, around 96 per cent of homebuyers and lenders, including IDBI Bank, voted in favour of state-owned National Buildings Construction Corporation's (NBCC) offer. 

The e-voting had begun on December 10. The Committee of Creditors (CoC), on December 7, had decided to put to vote the offers of both NBCC and private sector firm Suraksha Realty to acquire the bankrupt firm.

As many as 13 banks and over 23,000 homebuyers have voting rights in the CoC. Homebuyers’ claim amounting to over Rs 13,000 crore has been admitted, while banks’ claim is worth Rs 9,800 crore. 

This is the third round of bidding process which was initiated on the direction of the Supreme Court.

On November 6, the apex court had directed the NBCC and Suraksha Realty to submit revised bids and said the resolution process of Jaypee should be completed within 90 days.

In its latest bid, Suraksha Realty offered Rs 190 crore cash and 2,320 acre land to lenders. NBCC offered 1,526 acre of land to lenders. 

On the Yamuna Expressway, NBCC had 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 expenses. Suraksha will keep the expressway.

For homebuyers, NBCC has offered to complete the construction of about 20,000 flats in three and half years, while Suraksha offered to do it in three years.

Suraksha Realty had also kept aside Rs 250 crore worth of land for paying penalty to homebuyers for past delays. NBCC has offered to infuse Rs 120 crore in Jaypee Infratech, while Suraksha has offered Rs 25 crore as equity.

Jaypee Infratech, went into insolvency process in August 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium.