According to the Supreme Court directive, both companies have submitted their revised bids for the acquisition of Jaypee Infratech as part of the insolvency process.
The COC is scheduled to meet on 12 April.
For the past several years, Jaypee Infratech’s homebuyers have been worried about the dream of their dreams. Once again, there is a relief news for 20 thousand home buyers. State-run NBCC and Mumbai-based Suraksha group have submitted their revised bids for the acquisition of Jaypee Infratech as part of the insolvency process, as per the Supreme Court directive.
The court last month refused to approve the NBCC’s redressal scheme due to flaws in the Bankruptcy and Insolvency Disability Code (IBC) criteria. Also, the court said that no new expression of interest can be included for the acquisition of the company. Only the public sector NBCC and Security Realty will be allowed to make revised proposals. Along with this, the court also directed to extend the resolution process by 45 days.
Committee of Creditors meeting on 12 April
NBCC and the security group have submitted their solution plan to Interim Solution Professional (IRP) Anuj Jain. Jain said that the NBCC and the security group have submitted their bids and the COC (Committee of Creditors) meeting is going to be held on 12 April. This is the fourth round of the bidding process. On March 3 last year, NCLT allowed acquisition of Jaypee Infratech Limited through the insolvency process of NBCC and the completion of 20,000 flats in the next three and a half years. This order was challenged in the National Company Law Appellate Tribunal (NCLAT) and thereafter in the Supreme Court.
A demonstration was held on April 3
Earlier on 3 April, JP Homebuyers demonstrated at Jantar Mantar in Delhi demanding justice. The welfare association JKBAWA wrote a letter to Prime Minister Narendra Modi seeking intervention in the matter. Nearly 20,000 homebuyers had written a letter to Prime Minister Modi asking them to intervene in the matter so that the incomplete projects of the bankruptcy realty developers Jaypee Infratech in Noida and Greater Noida could be completed. These homebuyers said that if the PM pays attention in this matter, then we will get the shelter of our dreams. This will also benefit the country’s economy.
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