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NBCC gets over 95% votes in Jaypee Infra resolution

New Delhi

17-December-2019

 In a major breakthrough in the resolution process of the bankrupt Jaypee Infratech Ltd (JIL), sources said that NBCC's resolution plan received over 95 per cent votes of the Committee of Creditors (CoC ), with majority of the homebuyers and the banks voting in favour of the bid.

People in the know of developments said that out of the 12,145 votes of homebuyers, 11,770 votes went in favour of the state-run construction major. Homebuyers had 58 per cent of the votes and for a resolution plan to be approved, a plan requires 66 per cent votes.

The IDBI Bank-led Committee of Creditors (CoC) had on December 7 decided to put to vote the offers of both NBCC (India) and Mumbai-based firm Suraksha Realty to acquire the bankrupt realty firm.

The e-voting had begun on December 10 and ended on Monday. This is the third time that the bids of both the companies have been put to vote. The Supreme Court had on November 6 ordered completion of the JIL insolvency resolution process (IRP) within 90 days, saying that only the resolution plans of NBCC and Suraksha would be considered by the CoC for completing pending projects.

A successful resolution of the bankrupt company and completion of the stalled housing projects would bring long awaited relief to over 22,000 homebuyers across Noida, Mirzapur and Agra, who have waited for around 10 years to get their dream homes.

The resolution process has witnessed several obstructions including many attempts by its former promoters to get the insolvency process withdrawn and keep the company with themselves.

The NBCC's resolution plan after the voting process would have to go through the National Company Law Tribunal's (NCLT) screening for approval. The construction is expected to start in April 2020.

Speaking to IANS, Aditya Gutgutia, a homebuyer with Jaypee Infratech, said: "We have had a long legal fight. We just hope that we don't get any legal tangle anymore."IANS