Ready to submit fresh bid satisfying IRP’s observations, says NBCC

By: |
May 27, 2021 3:30 AM

The softening of stance by NBCC comes after the company, on Sunday, wrote a strongly worded letter to Jain over his observations that its revised resolution plan was non-compliant with certain provisions of the IBC and the CIRP. The public sector undertaking had also questioned Jain’s jurisdiction.

“However, we have noted that the CoC shall be deciding further course of action after completion of voting on May 27-28 and in case NBCC is asked to submit a revised plan, we shall do based on your observations to your satisfaction for the benefit of all the stakeholders, primarily the homebuyers who should not suffer due to differing legal interpretation,” NBCC said. (Representative image)“However, we have noted that the CoC shall be deciding further course of action after completion of voting on May 27-28 and in case NBCC is asked to submit a revised plan, we shall do based on your observations to your satisfaction for the benefit of all the stakeholders, primarily the homebuyers who should not suffer due to differing legal interpretation,” NBCC said. (Representative image)

State-run NBCC on Wednesday in a letter to Anuj Jain, the interim resolution professional (IRP) of Jaypee Infratech (JIL), said that if the committee of creditors (CoC) decides to call for revised bids later this week, the company will submit the same, after taking into account all the observations made by him.

“However, we have noted that the CoC shall be deciding further course of action after completion of voting on May 27-28 and in case NBCC is asked to submit a revised plan, we shall do based on your observations to your satisfaction for the benefit of all the stakeholders, primarily the homebuyers who should not suffer due to differing legal interpretation,” NBCC said.

The softening of stance by NBCC comes after the company, on Sunday, wrote a strongly worded letter to Jain over his observations that its revised resolution plan was non-compliant with certain provisions of the IBC and the CIRP. The public sector undertaking had also questioned Jain’s jurisdiction.

In Wednesday’s letter, NBCC assured the IRP of all assistance in helping homebuyers get their apartments. “Post-CoC voting and if NBCC is required to submit a fresh plan, we would also like to have a teleconference with yourself (Jain) and your legal team on further way forward in this regard,” it added.

NBCC assured Jain that it will approach its Board if any amendments are required. “You have also asked for a shortfall undertaking to be provided by NBCC. Though we consider our plan as legally compliant as per our understanding we appreciate that you have to forward legally compliant plans to CoC as per your understanding. Since NBCC is fully committed to the resolution plan, which will provide houses to about 20,000 home buyers, who are waiting for long, we are ready to consider your point of view and put up to our Board for necessary amendments,” it said.

JIL’s insolvency resolution process is likely to get delayed once again as its CoC on Monday deferred the voting process on Mumbai-based Suraksha Group’s offer to acquire the firm. The CoC also decided to put on a vote on May 27-28 whether Suraksha and NBCC should be given a week to submit their revised bids.

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