State-owned infrastructure company NBCC’s fresh proposal to acquire the debt-ridden real estate company Jaypee Infratech would be put to vote from May 16 to 19. The decision was taken by the Committee of Creditors (CoC) here on Tuesday.
“In its revised bid, no changes were made by NBCC on the commercial aspect of its plan. There were a few changes in the legal side but that is not going to have a major impact,” said a source.
If it wins the bid, NBCC plans to infuse ₹200-crore equity capital and complete the construction of flats by July 2023.
Reportedly, Adani group has also shown interest to be part of the bidding process. However, a source familiar with the matter said, “Apart from NBCC, no other bids are being considered right now.”
Earlier this month, Mumbai-based Suraksha Realty’s bid, which was the sole contender for Jaypee Infratech, was rejected by financial creditors. In the bidding on May 3, only 23 per cent voted in favour. Most of the homebuyers were in favour of Suraksha, while banks voted against it.
This would be the first time when NBCC proposal would be put to vote, earlier too, NBCC wanted to be a part of the resolution process but due to lack of government approvals, it could not participate.
Meanwhile, IDBI Bank, which is the lead lender of Jaypee Infratech, approached the Allahabad bench of National Company Law Tribunal on April 30, to seek an extension to insolvency proceeding beyond May 6 deadline. The next hearing on the case is scheduled on May 21.
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