Jaypee Infratech RP likely to submit lenders' voting pattern to NCLAT

The Resolution Professional (RP) of Jaypee Infratech is likely to submit before the National Company Law Appellate Tribunal (NCLAT) a detailed break-up of how each lender to the debt-laden real estate firm voted on proposals submitted by NBCC (India) and others, sources close the development said. According to sources, the report of the RP will not contain details of whether any particular plan has been approved or rejected.

Earlier on Monday, the NCLAT had asked the RP to place before it and not the National Company Law Tribunal (NCLT) the decision of the Committee of Creditors (CoC). While clarifying that the lenders to Jaypee Infra were free to vote against NBCC’s plan for the company, the appellate tribunal had also said the votes of those lenders, who were not present during the voting, would not be counted. “We have not said do not vote against (NBCC plan). We have said the CoC may not file a final report on the decision, if it is rejected. We also make it clear that if any of the financial creditors remain absent in voting, their voting percentage shall not be counted for counting voting share,” a three-member Bench, led by Chairperson Justice S J Mukhopadhaya, said. On May 30, the CoC of Jaypee Infratech had decided to put NBCC’s bid to vote even as bankers had reservations against the proposal due to certain conditions and concessions put forward by the state-owned firm. The voting process that started on May 31 concluded on Monday.

The lenders are also likely to opt for fresh round of bidding and consider new expression of interest from firms other than NBCC India, sources said. Apart from NBCC India, business conglomerate Adani Group has also reportedly made an unsolicited, non-binding bid to acquire Jaypee Infratech. The Group is ready to infuse up to Rs 1,700 crore to expedite the construction of stuck housing projects and deliver flats to homebuyers. Sources in the know have said NBCC India's bid is likely to be shot down by the lenders.
 

With inputs from Karan Choudhury