Lenders of embattled firm Jaypee Infratech are planning to start voting on the final bids to be submitted by NBCC and Suraksha Realty by December 8, sources told Moneycontrol. “Voting on the plan is likely to end on December 11,” they added.
The meeting of Jaypee Infratech's Committee of Creditors (CoC) to discuss queries on the interim plans submitted by NBCC -- the government's construction arm -- and Suraksha Realty is expected to take place on November 28, sources said.
As per the tentative timelines decided by the lenders during their last meeting on November 18, bidders are likely to submit their final plans by December 3. Another round of meetings for lenders may be held on December 6 wherein the two bidders may be called upon to make their final presentations, sources said.
The approved plan may be submitted before the National Company Law Tribunal (NCLT) by December 19. December 21 is the last date for completing the resolution process.
Nearly 13 banks and over 23,000 homebuyers have voting rights in the CoC. Buyers have nearly 60 percent of votes. For the bid to be approved, 66 percent voters should be in favour of the deal.
On November 6, the Supreme Court had directed that Jaypee Infratech's insolvency process should be completed within 90 days and asked the resolution professional to invite revised bids from the NBCC and Suraksha Realty.
Jaypee Infratech Interim Resolution Professional Anuj Jain had asked Suraksha Realty and NBCC to submit their revised offers.
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