Jaypee Infratech Case

In a regulatory filing Jaypee Infratech said there would be a delay in filing of its annual results for 2022-23 fiscal and the results for the first three quarters of the current financial year

March 31 deadline for Rs 22,600 cr debt resolution missed as litigation delays process; matter has been dragging on for five years instead of six-month deadline under IBC

Lenders to vote on Suraksha plan from Monday

The NCLT Delhi bench on Tuesday approved the bid of state-owned NBCC to acquire debt-laden JIL through an insolvency process and complete around 20,000 pending flats over the next three and half years

They said that NBCC's resolution plan has been approved by the Committee of Creditors with 97.36% voting

The Committee of Jaypee Creditors met NBBC and Suraksha representatives for several hours to discuss threadbare their takeover offers, before asking them to further revise the bids, say sources

Homebuyers of Jaypee Infratech want NBCC to acquire the debt-laden firm in an ongoing insolvency process and have asked their representative in a panel of creditors to further negotiate on the bid submitted by the state-owned firm. P&A Law Offices, which represents and advises nine registered homebuyers associations, has written a letter to Kuldeep Verma, who is an authorised representative of homebuyers in a committee of creditors (CoC). "The homebuyers unequivocally wish that NBCC should take over the JIL (Jaypee Infratech Ltd)....You are hereby instructed to endeavour to negotiate with NBCC so that its revised bid can be voted upon first," the letter said. The law firm pointed out that the bid of Suraksha Realty, which is also in the race to acquire JIL, could be first put for voting process as per the current result of evaluation of resolutions plans of the two contenders. While negotiating with the NBCC, homebuyers have asked their representative Verma to ensure claim for ...

According to sources, as per the tentative timeline set in the CoC's meeting on Monday, both the bidders -- NBCC and Suraksha Realty -- would have to submitted their final resolution, if any, by Dec 3

As many as 13 banks and over 23,000 home buyers have voting rights in the CoC. Buyers have nearly 60 per cent votes. For the bid to be approved, 66 per cent votes are required.

Jaypee Infratech owed nearly Rs 10,000 crore to bankers

Jaypee group firm Jaypee Infratech went into insolvency in 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium seeking resolution of the firm

The voting under the insolvency process, run by Jaypee Infratech's Interim Resolution Professional (IRP) Anuj Jain, will start from Friday and continue till June 10.

NBCC has said the project, involving more than 3,000 acres of land, would be completed in the next three years

NBCC continues to be very interested in the resolution process and accord the interest of homebuyers, utmost priority,, the company said in a letter

Response of home buyers, accounting for 58.1% of votes, is poor

Anoop Kumar Mittal, the NBCC chairman, told homebuyers it would try to give the apartments within three years

NBCC has promised to deliver flats to home buyers in four years. It has also offered 1,400 acre land worth Rs 6,000 crore as well as Yamuna Expressway highway to lenders

The deadline to submit proposals to revive the realty firm has been extended till February 15

When the insolvency proceedings against Jaypee Infratech were initiated, homebuyers became jittery because they were not sure of getting possession

According to lenders, the recent NCLT order was based on transaction audit done by the resolution professional and further guidance from the NCLT is required