Homebuyers and bankers of Jaypee Infratech (JIL) have voted overwhelmingly in favour of the state-run NBCC’s bid to acquire the bankrupt real estate developer over the resolution plan submitted by the SPV of Suraksha Realty and Lakshdweep Investments & Finance. NBCC secured 97.36% votes, against Suraksha’s 2.12%.

JIL on Tuesday informed about the result of the voting in a regulatory filing to the stock exchanges. The decision on voting was taken at the 16th meeting of JIL’s committee of creditors (CoC) on December 7. Voting on the resolution plans of NBCC and Suraksha began on December 10 and concluded on December 16. Voting on both bids took place simultaneously.

This was the third round of bidding for JIL, since the matter went to the National Company Law Tribunal (NCLT) in August 2017. This round of bidding was initiated on the directions of the Supreme Court.

Around 13 banks, 914 fixed deposit (FD) holders and more than 21,780 homebuyers have voting rights in the CoC.

Homebuyers represent 57.7% of voting rights, while bankers and FD holders have 42.21% and 0.1% share, respectively. For approval of any resolution plan, at least 66% votes should be in favour. Homebuyers’ claims stand at around Rs. 13,364 crore, bankers’ claims at Rs. 9,783 crore and FD holders’ claims at Rs. 29 crore.

Of the total 21,780 homebuyers, around 12,147 voted on NBCC’s bid. Of these, 97.02% were in favour and the remaining 2.98% voted against it. On the other hand, around 11,775 homebuyers voted on Suraksha’s bid and of this 29.21% were in favour, while 70.79% were against.

In the case of bankers, only the Jammu and Kashmir Bank (1.05% voting share) and Axis Bank (0.94%) voted in favour of Suraksha’s bid out of the total 13 banks. Three lenders – IDBI Bank (18.70%), LIC (3.27%) and IFCI (1.21%) – abstained from voting , while the rest 8 banks dissented.

On NBCC’s bid, ICICI Bank (1.31% voting share) and SREI Equipment Finance (0.12%) dissented, while IFCI (1.21%) abstained from voting. Rest 10 banks and financial institutions voted in favour of the resolution plan.

In its final bid, NBCC offered 1,526 acre land to lenders from 1,426 acre earlier under the debt-land swap deal. It also reduced the timeline for completion of over 20,000 flats to three-and-a-half years from the earlier 4 years.

Suraksha, too, had upped its ante in the final bid with upfront payment to lenders of Rs. 190 crore from Rs. 175 crore earlier. It increased the land bank in debt-land swap deal to 2,275 acre from 2,220 acre. The company had offered to deliver the flats in 3 years.