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Jaypee Infratech homebuyers tell CoC to vote for NBCC

Batting for NBCC, Jaypee Infratech homebuyers have asked all flat owners and lenders to vote in favour of the public sector company
New Delhi: Batting for state-run NBCC, Jaypee Infratech homebuyers have asked all flat owners and lenders to vote in favour of the public sector company. NBCC has submitted a bid to acquire the realty firm and finish its incomplete projects. The other contender in the race is Suraksha Realty. Jaypee Infratech homebuyers want NBCC to take over the incomplete housing projects because it is a public sector company and has experience in developing large projects and townships in the national capital region.

‘Jaypee Infratech homebuyers want successful resolution’

“Homebuyers want successful resolution; they are not averse to the plan of either of the two bidders/resolution applicants. However, there are certain essential criteria that steer NBCC much ahead in comparison to the other bidder,” said Aaditya Gutgutia, the spoksperson for the nine associations of home buyers. A total of 13 lenders and over 23,000 homebuyers have voting rights in the Committee of Creditors (CoC). Buyers make up 58 percent of votes. For a bid to be approved, at least 66 percent votes are required.

‘Support from govt and NBCC has instilled confidence in homebuyers’

“Jaypee Wishtown Noida is a huge project comprising of 25,000 unfinished flats. Only NBCC has the experience of developing townships and large building complexes in the NCR. The support of the government and its Navratna PSU status has instilled confidence in the 25,000 beleaguered homebuyers,” Gutgutia said in a statement. The voting process on the NBCC and Suraksha Realty bids started on December 10 and will go on till December 16. Earlier on December 7, the CoC had decided that Jaypee Infratech homebuyers and lenders will vote on the two bids at the same time.

The backdrop

Jaypee Infratech, a debt-ridden subsidiary of Jaiprakash Associates, went into insolvency in August 2017 after the National Company Law Tribunal (NCLT) admitted a plea filed by a consortium of lenders led by IDBI Bank. Homebuyers’ claim totalls over Rs 13,000 crore, while banks’ claim is worth Rs 9,800 crore.