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Jaypee Infra’s creditors postpone voting on security offer

New Delhi, May 24 (Language) Financial lenders of Jaypee Infratech have decided to postpone the voting process over the security group’s bid. Voting was to begin on Monday afternoon. Through this, the security group wants to acquire the realty sector company as part of the insolvency process.

Jaypee’s lenders will consider this week whether NBCC’s bids to be reconsidered with the security group.

A few days ago the NBCC strongly opposed the rejection of its offer by the Committee of Lenders (COC). NBCC also questioned the jurisdiction of Anuj Jain, an interim solution professional (IRP). The COC then met on Monday in which 14 additional pages added by NBCC to its current offering were considered.

In a meeting held on Monday, the COC has decided to hold voting on May 27-28, through which it will be decided whether the security group and NBCC will get Jaypee Infratech Limited. (JIL) should be allowed to submit its resolution plan. JP Infra went into insolvency in 2017.

In the last meeting of the COC held on 20 May, it was decided to start voting from 12 noon on 24 May on the offer of the security group. Voting was to close at 5 pm on 27 May.

Information sent to the stock markets said that the COC has deferred voting on the security group’s bid. IRP Anuj Jain said in a communication sent to the stock exchanges that the COC has decided to conduct voting from 27 to 28 May. Through this, both the applicants will be considered to give more time for their final resolution plan.

However, Jain has not given any specific reason for postponing voting on the security group’s offer.

Sources said that there is no consensus among the lenders as to whether the NBCC bid should be considered at the moment. In this case, opinions will be sought through voting from lenders and flat buyers.

Earlier, the COC had rejected NBCC’s resolution offer as it did not comply with certain provisions of the law.

Following the COC decision, the NBCC on Saturday automatically added 14 additional pages to its final bid. The last bid was submitted by NBCC on 18 May.

The solution professional had called a COC meeting on Monday following the request of five lenders – SBI, IIFCL, IDBI, UBI and LIC.

The security group, reacting to these developments on Sunday, opposed the May 24 meeting of the COC. The NBCC was to consider adding additional addendum to the final bid at this meeting.

Meanwhile, sources said that Jain has submitted his report to the COC on the additional pages added by NBCC to its offering. It mentions that despite clarifications, the company’s bid still does not meet compliance.


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