New Delhi: As the voting process on the NBCC’s bid for Jaypee Infratech (JIL) ends on Monday, with no signs of the public sector enterprise getting through, sources say, home buyers plan to stop paying the ongoing EMIs (equated monthly installment) as many of them have “lost hope of a resolution”. The online voting on the NBCC’s bid started on May 31.
The bid would require 66 per cent votes in its favour to make the cut and acquire the insolvent realty company. The home buyers, who are mostly in favour of the bid, have a vote share of around 58 per cent, but of the total 22,000 home buyers, only 9,000 have voted so far, further declining the weight on the NBCC’s bid. IDBI Bank, the prime lender to JIL, which has around 18 per cent vote share is already against the bid on the ground of the resolution plan being “conditional”.
JIL went into the insolvency process in 2017 after the National Company Law Tribunal (NCLT) admitted an application by IDBI Bank-led consortium seeking resolution of the realty firm. In the first round of insolvency proceedings, a Rs 7,350-crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders.
The NBCC’s bid seeks the cancellation of an estimated income tax liability of Rs 33,000 crore due over a period of 30 years under the concession agreement for the transfer of land from the Yamuna Expressway Industrial Development Authority (YEIDA) to Jaypee Infratech Limited (JIL). The CoC asked the state-run construction major to clarify on the conditions and also sought their removal from the plan. (IANS)
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