Apart from NBCC India, the Adani group also reportedly made an unsolicited, non-binding bid to acquire Jaypee Infratech.
The group is ready to infuse up to Rs 1,700 crore to expedite the construction of stuck housing projects and deliver flats to home buyers, reports said.
Earlier on Monday, the NCLAT had asked the resolution professional (RP) to place before it and not the National Company Law Tribunal
(NCLT) the decision of the Committee of Creditors (CoC). While clarifying that the lenders to Jaypee Infra
were free to vote against NBCC’s plan, the appellate tribunal also said the votes of those lenders, who were not present during voting, would not be counted.
“We have not said do not vote against (NBCC plan). We have said the CoC may not file the final report on the decision, if it is rejected. We also made it clear that if any of the financial creditors remain absent during voting, their voting percentage shall not be counted for the purpose of counting voting share,” a three-member NCLAT Bench led by chairperson Justice S J Mukhopadhaya said.
The RP of Jaypee Infratech
is likely to submit to the NCLAT only a detailed break up of how each lender to the debt-ridden real estate firm voted on proposals submitted by NBCC and others, sources close the development said. The report of the RP will not contain details of whether any particular plan has been approved or rejected, the sources said.
On May 30, the CoC of Jaypee Infratech had decided to put NBCC’s bid to vote even as bankers had reservations against the proposal, due to certain conditions and concessions put forward by the state-owned firm. The voting process that started on May 31 concluded on Monday.
With inputs from Veena Mani & PTI