Aggrieved Jaypee home buyers to approach NBCC after rejection of bid

By Praveen Dwivedi
Photo: City Spidey
Posted: Apr 30, 2019

With rejection of the National Building Construction Company’s (NBCC) resolution proposal to acquire Jaypee Infratech housing projects by Committee of Creditors (CoC) last week, aggrieved flat buyers have planned to approach NBCC to understand future course of action.

“We have planned to meet NBCC for some clarifications in the issue. We were believing that NBCC’s resolution plan will be considered but it was not considered for voting by CoC members due to some pending approvals. We will be holding a meeting of all home buyers for unanimous decision on any further action,” sources said.

Meanwhile, the NBCC has written a letter to Interim Resolution Professional (IRP) Anuj Jain on Monday and has asserted that as approvals are expected shortly, it is requested that some time will be given to obtain the necessary approvals before the voting.

In its letter, the NBCC has expressed its disappointment for not allowing time to obtain required approvals. “This appeal was made on the basis of the fact that CoC meeting being held just two days after the submission of plan and there was not enough time to inform the CoC regarding the status of government approval,” NBCC’s letter read.

The CoC on April 26 rejected the NBCC’s resolution plan as the state-owned construction company failed to receive necessary approvals from government departments.

All these development have come amid three days e-voting on the bid of Suraksha Realty-led consortium which begins on Tuesday (April 30). Suraksha Realty remained the only bidder in the fray after bankers rejected state-owned NBCC’s bids.

In another development in this issue, sources claimed that deft-ridden Jaypee Infratech’s lead lender IDBI has on Monday approached the National Company Law Tribunal (NCLT) seeking extension of insolvency proceedings beyond the May 6 deadline as the process is still underway to find a buyer of Jaypee Infratech projects. The NCLT has posted the matter on May 6 for the next hearing.

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