Jaypee Infra CoC to discuss NBCC bid on May 9

The Committee of Creditors (CoC) of Jaypee Infratech will meet on May 9 to discuss the revised bid by the NBCC for the insolvent realty company, sources told IANS.

The Insolvency Resolution Professional (IRP) Anuj Jain on Friday evening invited the stakeholders for the meeting, the sources said.

The e-voting for the resolution of the company ended on Friday whereby Suraksha Realty was the only contender and its bid was rejected by the CoC. The NBCC's revised bid was not approved by the CoC as it required several approvals.

The NBCC (India) Ltd, formerly known as National Buildings Construction Corporation Ltd, however, received all the government approvals this week and has been pitching for its bid to be considered by the CoC.

On May 6, the Allahabad-bench of the National Company Law Tribunal (NCLT) would hear the IDBI Bank's plea to extend the period for resolution of the company. Incidentally, the 270-day deadline to resolve the Jaypee Infratech insolvency case ends on May 6.

Stakeholders are hopeful that the NCLT would extend the deadline and the NBCC's bid could be considered.

In the e-voting which ended on Friday, among the 11 banks led by IDBI Bank, only the Jammu and Kashmir Bank voted in favour of Suraksha's bid, the lone bid in the fray.

Only 23 per cent of the CoC approved the resolution plan against the requirement of 66 per cent, according to the voting results published by the resolution professional.

In a clear sign of rejection of the bid, only around 9,000 home buyers out of the total 20,000 participated in the voting procedure.

--IANS

rrb/nir