The decision was taken even as NBCC decided on Monday against diluting the conditions laid out in the bid, including exemption from tax liability
New Delhi: The Committee of Creditors (CoC) for Jaypee Infratech have decided to take up state-run NBCC’s bid for voting. Sources said that the voting process is slated to start on Thursday and end on Sunday. The decision was taken even as NBCC decided on Monday against diluting the conditions laid out in the bid, including exemption from tax liability. The CoC had earlier written to NBCC to consider making changes to the proposal.
NBCC refused to make any changes to the offer
On Monday, NBCC had decided to not dilute the conditions it had put down in the proposal, including getting an exemption from income tax liability as well as from taking consent of development authorities for the transfer of businesses. It had also refused to change the condition that lenders will have to take flats back in case the state-run company is not able to sell them in the market.
According to sources, NBCC would have to get approvals from its board and government departments to make these changes.
Homebuyers fear lenders may reject the bid
Even though homebuyers are likely to vote in favour of NBCC, they fear that its bid will be rejected by Jaypee’s lenders because they would rather opt for liquidation than take a hair-cut of about 60 percent against its claim of Rs 9,782 crore.