Majority of homebuyers, lenders vote in favour of NBCC’s bid to acquire Jaypee Infratech

Singh Garima | | Updated on: Dec 17, 2019
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The state-owned company’s bid gets 97.36% votes

Lenders and homebuyers have voted in favour of NBCC’s bid to acquire Jaypee Infratech. Around 97.36 per cent votes went in the favour of state-owned NBCC’s bid, making the resolution successful in the third attempt.

“NBCC received 97.36 per cent of votes on its final resolution plan while the other contender Suraksha Realty, a Mumbai-based real estate firm, got 2.21 per cent votes,” said a source familiar with the development.

Homebuyers had a vote share of 58 per cent in the bidding process while the remaining 42 per cent was that of the lenders. Around 66 per cent votes are required for a bid to get through the resolution process.

The voting process for both the parties — homebuyers and lenders — started on December 10 and continued till December 16 (11.59 pm).

NBCC, which will develop the project in a phased manner, is set to start the work from April 2020 as mentioned in its revised bids. Once it starts work, the state-owned firm will have to complete the project in 42 months.

“Our aim will be to develop around 1,500 flats in every quarter. Only then we would be able to meet the deadline. As many as 22,000 flats are to be built,” said an official.

Early this month, it was decided by the Committee of Creditors (CoC) that homebuyers and lenders will vote on both the bids— NBCC and Suraksha Realty — simultaneously. There were a total of 13 banks and more than 23,000 homebuyers who had the voting rights.

This is the third time that the bidding process for the debt-ridden real estate company has taken place on the direction of the Supreme Court.

Earlier, the association of Jaypee Infratech had urged the homebuyers to vote in the favour of NBCC.

Published on December 17, 2019

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