In the ongoing tussle to complete Noida JP’s project, the Adani Group has also now proposed. The proposal of this group will also be discussed in the COC meeting to be held on Thursday and it will be decided whether to put this proposal in the voting of the buyers.
New proposals are coming up to complete the stuck project of JP Group for a month. Voting buyers have also been confused by the change in every day. Now on Wednesday, the Adani Group has given its proposal. Earlier, the CoC (Committee of Creditors) meeting on the proposal of NBCC and banks has been held. Byers had also voted till May 18 on the proposal of NBCC (National Building Construction Corporation Limited), but suddenly the banks gave the proposal.
Subsequently, the banks took time till May 31 from the NCLT (National Company Law Tribunal) to discuss their proposal between the banks and the NBCC and a proposal for either of them could be put up for voting. This was expected to get a little bit back on track. According to sources, the bank and the NBCC were preparing to propose someone in both of them unanimously that now on Wednesday, the Adani Group submitted its proposal. After this, the situation of further confusion has arisen.
Now this proposal will be discussed in the COC meeting to be held on Thursday and it will be decided which of these three proposals are to be finalized for voting of the buyers. After the 31 May, the date will be fixed, which will be the final, JP’s buyers will vote for the same.
Letter to NBCC led by IDBI
Under the direction of the National Company Law Appellate Tribunal (NCLAT), lenders are negotiating with NBCC for the acquisition of Jaypee Infratech and the completion of the stalled residential projects, including more than 20,000 flats. A group of lenders, led by IDBI, wrote to NBCC stating that if the company met their five conditions, it would consider its bid positively.
