With Jaypee Infratech’s creditors already examining a revised bid from state-run NBCC, IDBI Bank has filed an application before the National Company Law Appellate Tribunal (NCLAT) seeking permission for secured financial creditors to vote against the bid.
The voting on the NBCC bid began at noon on May 31 and is expected to continue for ten days until June 10. The IDBI Bank, however, has moved the NCLAT seeking permission for the interim resolution professional (IRP) and the CoC to explore other alternatives, which will include inviting fresh expressions of interest or a resolution plan that may have been submitted by other bidders, sources say.
As many as 13 banks represent 40.71 per cent of the voting rights in the CoC while over 23,000 homebuyers have around 59 per cent vote. The CoC has decided to put on vote the revised offer of NBCC, with homebuyers favouring the voting process while bankers have dissented.
The majority of homebuyers are likely to vote in favour of the NBCC’s bid. It is to be noted that the Adani Group has placed a bid for the company last week.“In the last CoC meeting Adani bid was not taken up but with CoC wants to explore it in the next meeting,” a source present in the last CoC meeting told this publication.