Jaypee Infra CoC to vote on NBCC, Suraksha during June 14-23

Source :IANS
Author :IANS
Last Updated: Fri, Jun 11th, 2021, 13:04:39hrs
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JaypeeInfratech

New Delhi: The resolution plans of NBCC and Suraksha Group for Jaypee Infratech will be put to vote starting June 14, and the voting process will go on till June 23.

The decision was taken in the meeting of the Committee of Creditors (CoC).

Sources said that revised plans of both the applicants have been found to be compliant to the Insolvency and Bankruptcy Code (IBC).

The state-run construction major NBCC and Suraksha AMC were asked by the CoC to submit revised bids and subsequently, the voting on Suraksha's bid scheduled on May 28 was cancelled.

The voting over allowing both the companies to submit revised bids was conducted on May 27-28.

On May 20, the CoC had approved the Suraksha group's bid and rejected the NBCC's bid citing non-compliance with the IBC.

The NBCC on May 24 wrote to the IRP and lenders including home buyers urging them to examine its resolution plan with "lot of objectivity and diligence and put it up for voting to CoC members".

The state-run construction major also said that it reserves its "right to take recourse required, if any, before the appropriate forum of law as and when necessary".

It submitted an addendum after its bid was rejected.

The development comes after the Supreme Court in April ordered submission of fresh plans by NBCC and Suraksha.
 

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