SPIDEY BUZZ

After rejection of NBCC's bid, Jaypee Infratech home buyers blame foul play

By Praveen Dwivedi
Photo: City Spidey
Posted: Apr 29, 2019

Following the rejection of bid by lenders, the homebuyers of various projected of Jaypee Infratech, are in a state of confusion as they were favouring the state-owned NBCC and they alleged that the government authorities delayed the required approvals deliberately. 

In a meeting held on April 26, a Committee of Creditors (CoC) had rejected the NBCC's bid citing the reason that it was subject to approval from various government authorities. 

The NBCC failed to receive approvals from the Department of Investment and Public Asset Management as well as from the Ministry of Urban and Housing Affairs.

Meanwhile, the state-owned NBCC has requested the Interim Resolution Professional (IRP) to consider its offer of acquiring Jaypee Infratech on merit.

According to sources present in the CoC meeting which was presided by IRP Anuj Jain, the NBCC confirmed that it has not received the requisite approvals. It was also stated that they can not assure whether the approval will be received and if received what conditions it might carry.

Further, considering that Corporate Insolvency Resolution Process (CIRP) period to end on May 6, the CoC decided that no more extension of time is possible. The CoC has unanimously decided to put the Suraksha Resolution Plan to vote. The voting will commence at 9 am on April 30 and will end by 5 pm on May 2.

However, NBCC had asked for some time to get necessary approvals in the meeting.

Home buyers, who have given first preference to the NBCC calling it more trustworthy, said that they are now confused as the NBCC, which was frontrunner, has now very less chance of acquiring Jaypee Infratech.

Devendra Yadav, a home buyer talking to City Spidey said, “NBCC was first preference of home buyers and we had high hopes from it but now it seems that the government authorities delayed approval to NBCC deliberately.”

“We are shocked that Suraksha’s resolution plan, which was rejected by the IRP in 2018, was accepted this time with some modifications,” Yadav added.

It is to be noted that NBCC is also presently completing some projects of Amrapali group on the direction of the Supreme Court.

During the meeting, NBCC reasoned that its offer is in interest of the bankers and home buyers.

After the rejection, the NBCC has written a letter to IRP Anuj Jain expressing interest in acquisition of Jaypee Infratech and said that its resolution plan should be considered on merit.

The NBCC has also claimed that it can work in the direction of providing relief to over 20,000 home buyers.

Among others, Adani Group and Jaypee Group have expressed desire to bid for the Jaypee Infratech.

Jaypee Group had written to home buyers seeking their support for its debt resolution plan to be submitted under the Insolvency and Bankruptcy Code.

“There is no clarity for the home buyers on why Suraksha resolution proposal was rejected last year and the same was accepted now. At this stage, when preferred NBCC seems out of race, home buyers are at a state of confusion. We are also disappointed with the government that despite after so many years, we are yet to get our homes,” said Pramod Kumar, another home buyer.

In the mean time, sources told City Spidey that Jaypee group is trying with every possible effort to convince home buyers to support it.

TAGS: Jaypee Infratech case / NBCC bid to acquire JIL rejected / Jaypee home buyers / Noida news

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