Jaypee Infratech: IRP seeks NCLT's approval to initiate further process

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Jaypee Infratech: IRP seeks NCLT's approval to initiate further process

NBCC's resolution plan was approved by the CoC with 97.36 per cent votes in favour.

Jaypee Infratech: IRP seeks NCLT's approval to initiate further process

Greater Noida: Days after the Committee of Creditors (CoC) selected the government-run real estate firm NBCC as a bidder to acquire debt-ridden Jaypee Infratech through an e-voting  process, the appointed Interim Resolution Professional (IRP) Anuj Jain has filed an application before the National Company Law Tribunal (NCLT), Allahabad bench to seek its approval to initiate further process.

“IRP has filed an application before NCLT on Tuesday to seek its approval on NBCC's resolution plan. The court has issued notices to all parties and has fixed the matter for next hearing on January 10,” a source privy with the matter said.

As CitySpidey had earlier reported that, majory of homebuyers and other lenders had voted in favour of NBCC,  to acquire Jaypee Infratech which is going under Insolvency and Bankruptcy Code (IBC) last month.

NBCC's resolution plan was approved by the CoC with 97.36 per cent votes in favour.

This was the third round of bidding process to find a buyer for Jaypee Infratech, which went into the corporate insolvency resolution process (CIRP) in August 2017.

The successful resolution will provide a big relief to over 20,000 distressed homebuyers across various housing projects launched by Jaypee Infratech in Noida and Greater Noida in Uttar Pradesh.

NBCC has proposed to complete these pending projects in the next three-and-a-half years.

Jain had admitted homebuyers' claim amounting to over Rs 13,000 crore and lenders' claim of nearly Rs 9,800 crore.

In its resolution plan, NBCC had offered 1,526 acres to lenders under a land-debt swap deal.

On 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.

Jaypee Infratech, a subsidiary of crisis-hit Jaiprakash Associates, went into insolvency process in August 2017 after the NCLT admitted an application by an IDBI Bank-led consortium.

Jain was appointed as an IRP to conduct the insolvency process and also manage the affairs of the company.

In the first round of insolvency proceedings, the Rs 7,350-crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders. The CoC rejected the bids of Suraksha Realty and NBCC in the second round held in May-June last year.

The matter reached the National Company Law Appellate Tribunal (NCLAT) and then the apex court.

On November 6, the Supreme Court directed completion of Jaypee Infratech's insolvency process within 90 days.