Jaypee Infratech went into insolvency process in August 2017 after the NCLT admitted an application by an IDBI Bank-led consortium.
Homebuyers and lenders of Jaypee Infratech will vote simultaneously on bids of both state-owned NBCC Ltd and private sector firm Suraksha Realty to acquire the bankrupt realty firm, sources said.
In a meeting of financial creditors held here on Saturday, it was decided that the voting process will start on December 10 and end on December 16. Both the contenders were asked to submit their revised bids by 11 pm Saturday night, the sources said.
This is the third round of bidding process, which has been initiated on the direction of the apex court.
During the meeting of Committee of Creditors (CoC), sources said ICICI and Axis Bank opposed the decision to put both the resolution plans to vote at the same time as they wanted the bid of highest bidder (H1) to be the first.
However, lenders could not finalise on H1 and H2 (second highest bidder) and therefore decided to opt for simultaneous voting.
As many as 13 banks and over 23,000 homebuyers have voting rights in the CoC. Buyers have around 58 per cent votes. For a bid to be approved, 66 per cent votes are required.
If bids of both the parties are approved in the voting process, then winner will be decided on the basis of higher vote numbers, the sources said.
Homebuyers claim amounting to over Rs 13,000 crore has been admitted by Interim Resolution Professional (IRP) Anuj Jain, while banks claim is worth Rs 9,800 crore.
In the meeting, Suraksha Realty further improved its bid to acquire Jaypee Infratech by offering more land and upfront cash to lenders. It has increased upfront payment to lenders to Rs 190 crore from Rs 175 crore
offered in its revised offer submitted on December 3. The land-debt swap deal has also been improved to 2,275 acre from 2,220 acre.
NBCC in its revised bid on December 3 had offered 1,526 acres of land to lenders.
After the discussions in the meeting, the CoC asked both the suitors to place revised bid by 11 pm on Saturday night.
Jaypee Infratech, a subsidiary of crisis-hit Jaiprakash Associates, went into insolvency process in August 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium.
Jain was appointed as an IRP to conduct insolvency process and also manage the affairs of the company.
In the first round of insolvency proceedings conducted last year, Rs 7,350-crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders.
The CoC rejected the bids of Suraksha Realty and NBCC in the second round held in May-June this year.
The matter reached to the National Company Law Appellate Tribunal (NCLAT) and then the Supreme Court.
On November 6, the Supreme Court directed completion of Jaypee Infratech”s insolvency process within 90 days and said the revised resolution plan will be invited only from NBCC and Suraksha Realty.