Lawstreet Journal

Financial creditors of debt-ridden Jaypee Infratech meet to discuss resolution plans

Lawstreet Journal 15 Jun 2021 4:48pm

Image courtesy: Lawstreet Journal Business Financial creditors of debt-ridden Jaypee Infratech meet to discuss resolution plans

Jaypee Infratech informed that a meeting of Committee of Creditors (CoC) will be held on April 29, 2021.The agenda of the meeting was not disclosed, but sources said the financial creditors, which includes banks and home buyers, will continue their negotiations with the two resolution applicants.

Earlier this month, NBCC and Mumbai-based Suraksha group submitted their revised bids to acquire Jaypee Infratech through an insolvency process, as per the direction of the Supreme Court.on  April 17 , lenders asked NBCC and Suraksha group to improve their bid and offer more land parcels under the land-debt swap deal.  Jay pe infratech told the bidders to specify the treatment of dissenting financial creditors.This is the fourth round of the corporate insolvency resolution process.

More than 10,000 homebuyers and major lenders of Jaypee Infratech, including IDBI Bank and State Bank of India, had voted in favour of the resolution plan submitted by the government's construction arm NBCC to acquire the embattled real estate firm. The CoC comprising 13 banks and around 21,000 homebuyers, approved the resolution plan of NBCC with a 97.36 percent vote in favour in the third round of the bidding process. 

Mumbai-based Suraksha Realty also had improved its bid to acquire Jaypee Infratech by offering more land and upfront cash to lenders.

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Tagged: Jaypee Infratech   NBCC  
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