Committee of creditors rejects NBCC resolution plan for Jaypee Infratech

Lenders to vote on Suraksha plan from Monday

The committee of creditors (CoC) on Thursday rejected the resolution plan submitted by government-owned NBCC (India) for Jaypee Infratech (JIL) and has decided to send Suraksha Asset Reconstruction Company’s (ARC's) plan for voting from Monday. 

Both NBCC and Suraksha ARC had bid for JIL’s assets, which owns a huge land bank alongside the Delhi-Agra Yamuna Expressway, apart from the expressway itself. 

At the CoC meeting held on Thursday, the resolution professional said the plan submitted by NBCC was non-compliant -- taking into account the earlier Supreme Court (SC) judgment in the JIL case and the Insolvency and Bankruptcy Code (IBC),