Jaypee Infratech insolvency: Homebuyers protest at Jantar Mantar, seek govt intervention to stop liquidation

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Updated: June 23, 2019 10:12 PM

According to sources, the Committee of Creditors (CoC) did not take any decision on the way forward.

The decision on whether to consider bids of Adani Group or Jaypee Group would be taken after a hearing in this matter in the National Company Law Appellate Tribunal (NCLAT) on July 2.

Homebuyers of Jaypee Infratech Sunday urged the government to direct IDBI Bank to vote in favour of state-run NBCC’s bid for the acquisition of the debt-ridden firm and prevent it from going through liquidation process. On Sunday, hundreds of Jaypee homebuyers held protest at Jantar Mantar here and are planning to submit a petition to Finance Minister Nirmala Sitharaman in this regard. In their petition to Sitharaman, the homebuyers have appealed to the government to direct IDBI Bank and NBCC to resolve their differences on the resolution plan and IDBI Bank to vote for NBCC’s resolution plan. They also demand that the majority vote of homebuyers in the CoC be treated as the vote of the whole voting sub-class of home buyers.

Debt-ridden realty firm Jaypee Infratech’s creditors, which include banks and homebuyers, met last week to assess the progress of the ongoing insolvency proceedings and decide the future course of action. According to sources, the Committee of Creditors (CoC) did not take any decision on the way forward.

The decision on whether to consider bids of Adani Group or Jaypee Group would be taken after a hearing in this matter in the National Company Law Appellate Tribunal (NCLAT) on July 2. This is the second round of bidding process to revive Jaypee Infratech, which went into insolvency in August 2017 after the National Company Law Tribunal (NCLT) admitted an application filed by an IDBI Bank-led consortium.

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