You are here
Home > Delhi News >

In new twist, NBCC back in Jaypee fray | Delhi News – Times of India


In a last-minute twist, the committee of creditors of Jaypee Infratech on Monday decided to seek a vote from homebuyers and creditors to decide if both applicants in the fray for the insolvency resolution – the state-run NBCC and Sudhir Valia’s Suraksha Group – should be given more time to submit revised offers.

NEW DELHI: In a last-minute twist, the committee of creditors of Jaypee Infratech on Monday decided to seek a vote from homebuyers and creditors to decide if both applicants in the fray for the insolvency resolution – the state-run NBCC and Sudhir Valia’s Suraksha Group – should be given more time to submit revised offers.
The development came two days after the same panel had deemed the NBCC’s offer as “non-compliant” and had decided to seek a vote on Suraksha’s offer, starting Monday.
But with the public sector company threatening legal action and 33% of the creditors seeking a review, interim resolution professional (IRP) Anuj Jain had to convene a meeting. A majority vote in favour of fresh offers will prolong the nearly four-year-long resolution process. Voting is due to take place on Thursday and Friday.
Till last week, NBCC was seen to be disinterested in what is now the fourth attempt to resolve the complicated insolvency process of the beleaguered real estate company that has to deliver around 20,000 flats to homebuyers. The public sector company is suddenly back in contention.
NBCC is banking on legal opinion from former Supreme Court judge AK Sikri to contest the stand taken by some of the lenders and the IRP. Suraksha, on its part, has claimed that it has a better deal to offer, both to homebuyers and lenders. Lenders led by IDBI Bank are seen to be putting their interest above those of homebuyers, many of whom invested their lifetime savings in booking apartments and plots as far as 10 years ago. The critics of the lenders’ approach have argued that banks are not interested in a resolution.

FacebookTwitterLinkedinEMail

.



Source link

Leave a Reply

Top
error: Content is protected !!