New Delhi: At a meeting of the Committee of Creditors of debt-ridden Jaypee Infratech, it was decided that state-run NBCC’s offer to take over the realty firm and complete construction of over 20,000 flats will be put to vote, starting from May 31 to June 10, sources said.
The news comes a day after Adani Group submitted a far more lucrative bid to acquire Jaypee Infratech to the CoC.
The beleaguered firm’s lenders took the decision following an order from the National Company Law Appellate Tribunal (NCLAT) in which it had asked the CoC to renegotiate the bid with NBCC by May 30, so that the voting could start from May 31. The NCLAT had objected to the bid submitted by NBCC because it was non-binding and conditional.
Jaypee Infratech lenders to take a vote on NBCC bid starting May 31
Following a request by Jaypee’s lenders, the government-owned firm had accommodated some of the concerns voiced by the CoC and had made changes to its bid
