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Simultaneous voting for Jaypee Infratech starts from December 10

In a meeting with lenders, it has been decided to start the voting on Dec 10 and it will go on till Dec 16. Since there was dispute among lenders over whether NBCC or Suraksha realty should be put to vote first, the CoC has decided for simultaneous voting, two persons aware of the matter said.

, ET Bureau|
Updated: Dec 07, 2019, 06.35 PM IST
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BCCL
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Anuj Jain was appointed as an interim resolution professional (IRP) to conduct insolvency process and also manage the affairs of the company.
The committee of creditors (COC) has decided to go for simultaneous voting to decide on the successful bidder for taking over stuck projects of Jaypee Infratech.

In a meeting with lenders on Saturday, it has been decided to start the voting on December 10 and it will go on till December 16. Since there was dispute among lenders over whether NBCC or Suraksha realty should be put to vote first, the CoC has decided for simultaneous voting, two persons aware of the matter said.

State-owned NBCC and Mumbai-based Suraksha Realty had submitted their revised bid on Tuesday.

“We have asked over 22000 home buyers to participate in the voting,” said a homebuyer who was part of the meeting.

NBCC has advanced the completion date from 48 months to 42 months and has also offered 100 acre additional land to the lenders. It was offering 1,426 acres of land earlier and is now offering 1,526 acres. It has also proposed to increase the concession agreement of Yamuna Expressway by 10 years. Suraksha has revised the offer by upping its cash offer to lenders from Rs 25 crore to Rs 175 crore.
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