Flaws in Today Homes IBC process, UVARC demands offer to be reconsidered

The CoC in this case comprise over 1,757 residential flat owners spread across 18 towers and 21 commercial units in Noida. No banks are creditors

First it shot into the limelight for making a Rs 16,000-crore bid — the highest — for Reliance Communications and Reliance Telecom, and before that for Aircel under the IBC process. Now, UV Asset Reconstruction Company (UVARC) is fighting a fresh battle after writing to the resolution professional or RP for Noida-based real estate company Today Homes, demanding that its offer for the latter’s stressed assets should be reconsidered. 

UVARC was one of two bidders for the assets. It has also demanded a re-vote by the committee of creditors (CoC), alleging that the IBC provisions had not been complied with. If