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Jaypee Infratech creditors defer voting on Suraksha Realty’s offer

The voting on the resolution plan was scheduled to begin on Monday, but it has now been deferred after NBCC requested the CoC to give it time to revise its resolution plan.

Published: 25th May 2021 10:48 AM  |   Last Updated: 25th May 2021 10:48 AM   |  A+A-

Jaypee Infratech

Jaypee Infratech. (File Photo| PTI)

By Express News Service

NEW DELHI: The resolution to Jaypee Infratech insolvency case has been further delayed as the Committee of Creditors (CoC) has deferred the voting on resolution plan of Suraksha Realty Ltd along with Lakshdeep Investments and Finance Pvt Ltd. The voting on the resolution plan was scheduled to begin on Monday, but it has now been deferred after NBCC requested the CoC to give it time to revise its resolution plan.

While the CoC has not agreed to allow only NBCC to revise its plan, it has decided to vote on May 27 and 28 to decide whether both the resolution applicants be given more time to revise their bids.According to sources closed to the development, NBCC, which earlier emerged as the successful resolution applicant, had requested the CoC to allow it to revise its resolution plan.

While a section of the CoC wanted to give NBCC another opportunity to revise its bid for Jaypee Infratech, but given the sensitivity of the matter and thousand of home buyers’ interest at stake, some members of the CoC were of the opinion that giving another opportunity to the resolution applicants to revise their bid should be decided by vote.

So, the CoC would vote on May 27 and 28 to decide if both Suraksha and NBCC be given another opportunity to revise their plans. If the CoC votes in favour of giving them another opportunity, then they would be given seven days to revise the plan or else they would vote on Suraskha’s resolution plan.



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