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Jaypee Infratech’s lenders will meet on Monday to decide the future course of action on the submission made by state-owned NBCC. This comes after NBCC challenged a decision by the Committee of Creditors to consider only the bid submitted by Suraksha Group to acquire Jaypee’s stressed assets.
NBCC had also submitted a bid, but it was rejected on the grounds that it was non-compliant with provisions of the Insolvency and Bankruptcy Code.
On Saturday, NBCC wrote to the company’s debt resolution professional Anuj Jain, questioning his jurisdiction and also sent clarification on the queries raised by the lenders. Jain has called for a meeting on Monday to discuss this letter. In a regulatory filing on May 21, Jaypee Infratech said that “we wish to inform you that the CoC has, in its meeting held on May 20, 2021, decided to put to vote the final Resolution Plan dated May 18, 2021, of Suraksha Realty Limited, along with Lakshdeep Investments and Finance Private Limited (“Suraksha”) and other items. The e-voting on items shall commence on 24th May, 2021 (12.00 P.M.) and shall close on May 27, 2021 (5 00 pm)”. The Suraksha Group has proposed to give 2,651 acres to lenders to settle the ₹7,116-crore debt. Suraksha Group intends to keep Yamuna Expressway with itself. It has offered to complete pending works of around 20,000 housing units in 42 months.
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