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Creditors' panel defers voting on Suraksha's offer for bankrupt-Jaypee Infratech: IRP

·3-min read

New Delhi, May 24 (PTI) Jaypee Infratech's financial creditors have decided to defer the voting process on Suraksha group's bid, that was scheduled to start from Monday noon, to acquire the troubled realty firm through insolvency.

The decision to defer the voting was taken on Monday morning in a meeting of the Committee of Creditors (CoC), which was called after NBCC suo motto submitted 14 page addendum to its resolution plan.

When asked whether voting on Suraksha bid has been deferred, Jaypee Infratech's (JIL) Interim Resolution Professional (IRP) Anuj Jain said: 'Yes'.

Sources said homebuyers’ representative in the panel will this week conduct a voting process for flatowners to decide whether extra time should be given to both the bidders -- NBCC and Suraksha.

In its last meeting held on May 20, the CoC decided to put to vote the offer made by Suraksha group, starting from May 24, 12 pm and closing on May 27, 5 pm.

The panel had rejected the NBCC's plan as the offer was found non-compliant to certain provisions of laws.

After the decision of the CoC, NBCC on Saturday suo motto sent 14-page addendum to its final bid, which was submitted on May 18.

The IRP took the decision to call the CoC meeting on Monday as five lenders -- SBI, IIFCL, IDBI, UBI and LIC -- requested him to convene the meeting.

Reacting to these developments, Suraksha group on Sunday strongly objected to the creditor panel's meet on May 24 to discuss the NBCC's addemdum to its final bid.

The Mumbai-based firm threatened to take legal recourse against lenders as well as the IRP if there are any delays and change in the voting process already approved on its bid.

This is the fourth round of the bidding process in the matter of JIL bankruptcy case.

In March this year, the Supreme Court ordered that bids be called only from NBCC and Suraksha group.

The apex court had also directed that resolution process be completed in 45 days, which lapsed on May 8 and an application has been filed to extend the timeline for finding a buyer for JIL.

JIL went into the insolvency process in August 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium.

In the first round of insolvency proceeding, the Rs 7,350-crore bid of Lakshadweep, part of Suraksha Group, was rejected by lenders. The CoC had rejected the bids of Suraksha Realty and NBCC in the second round held in May-June 2019.

The matter reached the National Company Law Appellate Tribunal (NCLAT) and then the apex court.

In November 2019, the Supreme Court directed the completion of JIL insolvency process within 90 days and ordered that the revised bids to be invited only from NBCC and Suraksha.

In December 2019, the CoC, comprising 13 banks and around 21,000 homebuyers, approved the resolution plan of NBCC with a 97.36 per cent vote in favour during the third round of the bidding process.

Later in March 2020, NBCC had got an approval from the NCLT to acquire JIL.

Homebuyers' claim amounting to Rs 13,364 crore and lenders' claims worth Rs 9,783 crore were admitted last year.

However, the order was challenged before the National Company Law Appellate Tribunal (NCLAT) and later in the Supreme Court, which in March this year said that fresh bids should be invited only from NBCC and Suraksha. PTI MJH ANS ANS

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