NEW DELHI: The consortium of Suraksha Realty Limited and Lakshdeep Investments and Finance Private Limited has managed to convince the lenders of Jaypee Infratech that their bid for the real estate firm is better than that of NBCC.
The Committee of Creditors (CoC) of Jaypee Infratech has approved the resolution plan of Suraksha, with 98.66% of votes in favour, compared to the 98.54% received by NBCC’s plan, a stock exchange filing by the company revealed.
As per Suraksha’s resolution plan, it is offering 2,552 acres of land worth Rs 6,450 crore to secured financial creditors, Rs 1,280 crore as instruments to secured financial creditors, and Rs 29 crore to FD holders. Jaypee Infratech owes Rs 22,619 crore to financial creditors, including Rs 12,800 crore to home buyers. As many as 20,590 homebuyers were part of the creditors’ committee.
Going by the voting pattern, the home buyers, who had a substantial 56.62% vote share in the CoC, favoured the NBCC plan since 9,022 homebuyers (accounting for 27.24% vote share in CoC) voted in its favour compared to 7,796 homebuyers (23.23% of the vote), favouring Suraksha Realty.
Banks, on the other hand, mostly voted for both plans, barring Srei Equipment Finance (with a 0.12% vote share), which voted for Suraksha Realty’s bid but against NBCC. ICICI Bank, with a 1.34% vote share, voted against both plans. Banks and financial institutions together accounted for 43.25% of votes in the CoC. In its meeting on June 10, 2021, the CoC had decided to put both resolution plans to vote from June 14-23. Suraksha and Lakshdeep’s plan will now be put before the National Company Law Tribunal (NCLT) for final approval.
The Jaypee Infratech case is one of the 12 large cases that was referred by the RBI to the NCLT for resolution in July 2017. After going through many twists and turns, the case is once again close to resolution. The NCLT had, earlier last year, given its nod to NBCC’s resolution plan after the CoC voted in favour of the same, but the SC had later ordered the two firms to submit fresh bids.