Jaypee Infratech Creditors To Put NBCC’s Revised Bid On Vote

The creditors' panel of debt-laden Jaypee Infratech on Tuesday decided to vote on the revised offer of NBCC as more than 20,000 home buyers favoured the voting process for the state-run firm's bid even as bankers dissented, sources said. The voting process would start on Thursday and end on Sunday, sources said, adding that the results would be declared on May 20. Bankers who participated in the Committee of Creditors (CoC) meet here on Tuesday opposed putting the NBCC's bid to vote and pitched for further negotiations.

Soon after the CoC decided to put to vote the NBCC's bid, banks made a plea before the National Company Law Appellate Tribunal for a stay on the voting process.

However, the NCLAT refused to stay voting by the creditors. A two-member NCLAT bench headed by Chairman Justice S J Mukhopadhaya warned banks that they would get "zero rupees" if the process is stalled. Justice Mukhopadhaya said the interest of thousands of home-buyers was of prime importance and the matter needed to be resolved even if there is just one bidder.