The committee of creditors (CoC) of the bankrupt Jaypee Infratech (JIL) on Tuesday decided to vote on the revised offer of NBCC as more than 20,000 homebuyers favoured the voting process for the state-owned firm s bid even as bankers dissented, sources said.
The voting process would start on Thursday and end on Sunday, sources said, adding that the results would be declared on May 20.
Bankers who participated in the CoC meet on Tuesday opposed the voting process for the NBCC s bid and pitched for further negotiations.
During the meeting, bankers also proposed that they would take control of JIL and rope in NBCC as project management consultant (PMC) to complete over 20,000 delayed flats, sources said.
Later in the day, even the National Company Law Appellate Tribunal (NCLAT) refused to entertain the plea of the bankers to stay the voting on the revised offer of NBCC.
The two-member NCLAT bench headed by chairman Justice SJ Mukhopadhaya also warned banks that they would get zero rupees if the process is stalled.
The CoC is considering NBCC s revised offer after it rejected Mumbai-based Suraksha Realty s bid on May 3 through the voting process.
Homebuyers and financial creditors have 58.1% and 41.8% voting shares, respectively, in the CoC.
The Insolvency and Bankruptcy Code (IBC) mandates that an important agenda has to have a minimum of 66% vote of approval to be passed. However, this threshold has eluded the panel so far in any of the important matters as homebuyers (totalling around 24,000) never came in requisite numbers.
Meanwhile, NBCC made some changes in their revised resolution plan, which was intimated to the CoC on Monday (May 13). These include NBCC removing conditions related to various clearances from government, etc. It also made changes on the requirement for arranging fresh debt that is to be availed by the Expressway SPV.
Last week, the CoC had directed NBCC to furnish clarifications in writing about exit clauses in its revised bid and also enquired whether an alternative is available. The panel also wanted NBCC to inform about the avenues that it has at its disposal for arranging funds to infuse in the cash strapped real estate firm.
In its revised resolution plan, submitted in April, NBCC offered to pay secured financial creditors admitted claim by way of an upfront payment of `1,500 crore and transferring land worth `5,000 crore. The remaining `3,283 crore is proposed to be paid by transferring 100% shareholding of the Expressway SPV.
Homebuyers would get only their completed housing units at no extra cost, but not any money in lieu of their `13,389 crore admitted claims. However, it has committed to pay only `20 crore or a little over 4% of the operational creditors `464.20 crore admitted claim.