On 20th June the creditors of Jaypee Infratech which which include banks and home buyers will meet and discuss the insolvency process and decide future course of action.The meeting has been called days after majority of banks voted against state-owned NBCC's bid to acquire the debt ridden realty firm.
The NCLAT does not bar lenders from voting against NBCC's resolution plan. Further, it also directed IRP to report the outcome of voting process directly to it. Due to the insolvency court order the exact percentage of votes in favour and against the NBCC's takeover plan was not disclosed. In most of the bankruptcy cases, the lenders have the right to vote for or against a resolution plan for a debt-laden firm. In the case of realty firms, home buyers also have voting rights at par with lenders.In this case over 23,000 homebuyers have voting rights in the CoC of Jaypee Infratech. This is the second time when a bidding is taking place to revive Jaypee Infratech.In the first round of insolvency proceedings conducted last year, the Rs 7,350-crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders.The CoC rejected Suraksha Realty's bid. The lenders filed a petition before the NCLAT to allow them to vote against NBCC's bid in an ongoing insolvency process. They also pleaded that other options should be explored, including considering of other bids or initiating fresh expression of interest.
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