The NCLAT order on Essar Steel has highlighted a new challenge for the bankruptcy code: whether maximise recovery for banks or ensure equitable treatment of all creditors.
"Banks wanted to explore fresh expression of interest but there was no consensus as the matter is pending before NCLAT," sources said.
The voting process would start on Thursday at 9 am and end on Sunday at 5 pm
The committee of creditors will reconvene on May 14 to take a final call on the revised bid by NBCC, sources said.
Homebuyers complain that the situation has left them confused.
Offer by Mumbai-based Suraksha Group will likely be the only one to be put to vote next week.
The Committee of Creditors has recommended that a forensic audit be conducted as demanded by Jaypee homebuyers.
Homebuyers, FD holders and financial institutions have voted online on appointment of Deloitte Touche Tohmatsu India LLP to assist the RP, buyers' objections to related party transactions between JIL and JAL, proposed fee for the resolution professional among other issues
Homebuyers laud the move as a significant step as it will now ensure for them a seat at the Committee of Creditors and co-drive the process of resolution of the real estate firm