NEW DELHI: Lenders and home buyers of debt-laden Jaypee Infratech, after rejecting the bid of Suraksha Group on May 3, started voting on state-owned NBCC’s bid to acquire the realty firm on Thursday. The voting process will end on Sunday and the outcome would be declared on May 20.
This is the second time the financial creditors are voting for a resolution plan for Jaypee Infratech. As many as 13 banks have 40.71 per cent voting rights in the Committee of Creditors (CoC) while over 23,000 home buyers have 59 per cent vote.
A majority of home buyers are likely to vote in favour of the NBCC’s bid, but many also fear that lenders may reject it as they do not want to take up to 60 per cent hair-cut against their claim of Rs 9,782 crore, according to sources.
Earlier this week, the CoC decided to put the revised NBCC offer on vote, with home buyers favouring the voting process, while bankers dissented.
The bankers had pitched for negotiations instead. They even made a plea before the National Company Law Appellate Tribunal for a stay on the voting process, but got no relief.
In its revised offer, NBCC has proposed infusion of Rs 200 crore equity capital, transfer of 950 acres of land worth Rs 5,000 crore and Yamuna Expressway to banks, and completion of the flats by July 2023, in order to settle the financial creditors’ outstanding claims of Rs 23,723 crore.
The bankers’ opposition came after the NBCC on Monday ruled out dilution of certain conditions, including exemption from tax liability, in its revised offer.