The creditors panel of Jaypee Infratech decided to start the voting process from next week on the proposal of Suraksha Group and rejected the offer by NBCC.
The Creditors Panel of Bankrupt Jaypee Infratech decided to start the voting process from next week on the proposal of Suraksha Group and rejected the offer by the public sector NBCC. Sources said that NBCC’s bid was not found to be in conformity with certain provisions of the Insolvency Act and hence rejected its proposal. Earlier, the construction company NBCC and Suraksha Group presented their final solution proposal on the acquisition of Jaypee Infratech Limited on Wednesday. This was the fourth round of the corporate insolvency resolution process.
Sources said that a virtual meeting of the Committee of Creditors (COC) was held on Thursday to discuss the bids. During this time, it was decided to vote in favor of the security group next week. Voting will start on Monday next week and will run till Thursday.
NBCC turned down offer
According to sources, NBCC’s bid was not found in conformity with some provisions of the Insolvency Act, due to which the committee decided not to include it in the voting. However, the proposal of NBCC was approved by the COC and NCLT in the third round bid. The bid was held in late 2019 and early last year.
Sources said that the security group has proposed to keep the Yamuna Expressway with them in the bid. It has also offered to complete 20,000 housing units within 42 months.
Order to call for bids from NBCC and Security Group
Let us know that in March this year, the Supreme Court had ordered for bids only from NBCC and Security Group for Jaypee Infratech. The top court also directed to complete the resolution process in 45 days. However, this deadline period was completed on 8 May and JP had also filed a petition in this regard to extend the deadline.
JP Infratech went into insolvency in August 2017 after the National Company Law Tribunal (NCLT) accepted an application from IDBI Bank-led bank group. After which this process is now to be completed.
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