In a meeting held on Tuesday, the Committee of Creditors (Committee of Creditors), which lent bankrupt company JP Infratech, decided to vote on the new bid of state firm NBCC to buy the company. Two sources aware of the matter have given this information.
One of these sources said, “Home buyers and banks lending to the new bid of NBCC will start voting from Thursday and the process will be completed on Sunday.”
This is the second proposal for Jaypee Infratech, to be voted on. On May 3, banks lending to home buyers and the company had rejected the bid of Mumbai-based company Suraksha Realty. At that time, the security of purchasing Jaypee Infratech was the only claimant. At that time, banks had rejected the offer of NBCC due to lack of all the approvals from the government. After this, on 1 May, the new NBCC bid was approved by the government. Anuj Jain, an insolvency resolution professional of Jaypee Infratech, refused to answer questions asked about this news.
In a meeting held last week, banks lending to the company had asked NBCC for further information on the new bid. In this, questions related to the financing of Jaypee Infratech were asked. Banks had also asked that how long will the company be able to sell the houses which are not sold by this deal? At what price will they be sold? Also, at what cost will the inventory be transferred to the banks? On Monday, in the reports in the JP Infratech case, it was told that the NBCC has refused to relax any condition of the new bid. The government company has sought exemption from tax and other liabilities of Rs 40,000 crore owed to Jaypee Infratech to purchase it. Efforts are on to sell Jaypee Infratech under the National Company Law Tribunal (NCLT). The NBCC has sought this exemption in the new bid submitted to banks under the title ‘Relief and Concession’.
In the new bid, NBCC has demanded an income tax exemption of 33 thousand crores for transferring land from Yamuna Expressway Industrial Development (YEIDA) to Jaypee Infratech. Meanwhile, the Allahabad Bench of NCLT has extended the period of insolvency resolution process for Jaypee Infratech, which expired on 6 May. He has now increased it to 21 May. This has cleared the way for banks to consider NBCC’s bid for Jaypee Infratech.
