Jaypee Infratech: NBCC’s revised bid to be put to vote from May 16-19

By Praveen Dwivedi
Photo: City Spidey
Posted: May 14, 2019

The Committee of Creditors (CoC) in Jaypee Infratech insolvency proceedings has decided to put state-owned National Buildings Construction Company's (NBCC) resolution plan to vote from May 16 to May 19, sources said.

The voting will start on Thursday and end on Sunday. The results will be declared on May 20.

However, as sources claimed, the bankers who participated in the meeting opposed the voting process and advocated for further negotiations.

They said they can take control of the Jaypee Infratech and NBCC can be roped in as Project Management Consultant (PMC) to complete over 20,000 delayed flats.

Ever since the lenders rejected Suraksha Realty’s offer through voting, there have been twists in the development. NBCC’s bids was rejected earlier for not having approval from certain government departments which later the state-owned firm got and submitted its revised.

The revised bid submitted by NBCC was called a conditional bid by Interim Resolution Professional (IRP) which prompted the CoC not to accept the same and NBCC was asked to submit its response on conditional bids.

However, the NBCC in its reply to to IRP on Monday decided against diluting certain conditions, including exemption from tax liability.

NBCC has decided not to dilute the conditions of exemption from income tax liability as well as from taking consent of development authorities for transfer of businesses. It has also not agreed to change its proposal that lenders should take unsold flats in case state-owned firm fails to sell them in the market.

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