Monday, September 26, 2022

NCLAT still keen on bringing NBCC back in the race to acquire Jaypee Infratech

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New Delhi: Even as reports claimed that state-run NBCC is no longer interested in acquiring debt-ridden Jaypee Infratech, the National Company Law Appellate Tribunal (NCLAT) seems to be keen on roping the state-run firm back into the fray, keeping in mind the interest of homebuyers.

NCLAT wants to reconsider NBCC bid

On Tuesday, the NCLAT asked representatives of banks, allottees and other stakeholders to appear before it on July 17 to consider how the NBCC bid could be tweaked to suit the interest of homebuyers. The decision came after the tribunal was informed that in the voting that took place on NBCC’s bid, 34.75 percent of home buyers voted in favour, 1.44 percent voted against, whereas 23.
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8 percent did not vote.

At the time, all the 13 banks, which form about 40.75 percent of the Committee of Creditors (CoC) had voted against the NBCC bid. The voting had commenced on May 31 and concluded on June 10.

Why is that?

The three-member bench headed by Justice Chairman SJ Mukhopadhyaya said that since NBCC is a government company, one can rely on it. The bench added that it knows “the pain of allottees” and wants to do justice for them.

The tribunal asked Jaypee’s lenders to nominate a high ranking officer who will negotiate with NBCC and asked them to produce a gist of the resolution plan submitted by the PSU along with the objections they have with regard to the plan.

Is Adani going to be last recourse?

The bench also said that it was not keen on considering Adani Group’s bid at this stage and pulled up Jaypee’s lenders for holding backdoor negotiations with the business conglomerate. Justice Mukhopadhyaya also assured that in the interest of home buyers, the resolution of Jaypee Infratech will not be allowed to fail and if it was not possible to find a solution through the NBCC bid, then the bench will consider Adani or any other bids.

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