In the new proposal that NBCC plans to submit before the Supreme Court next week, it may also propose completing all unfinished 16 projects within four years.
"We have been directed by the court to come up with a comprehensive resolution plan and it is in the works," sources told Moneycontrol.
Illiquid projects, a slump in the real estate market and poor due-diligence have all contributed to the poor returns of these funds
Any allocation of preferential rights to homebuyers puts the rights of banks in peril
On August 2, the apex court had ordered status quo for two weeks on insolvency proceedings after Jaypee Group challenged the July 30 order of NCLAT.
Genuine homebuyers will have a say in committee of creditors and have the right to initiate insolvency proceedings, verdict clarifies.
The status quo granted by the court will ensure that liquidation will not happen. The amendments to IBC have not yet received presidential assent and therefore the court deemed it fit to defer the matter by two weeks
Debars Jaypee Associates Limited; allows NBCC to place fresh bid; directs RP and CoC to complete process of selecting new bidder within 45 days
According to sources, the two partners differ over funding of the bid.
Expected to pronounce order on extension of corporate insolvency resolution process on July 29.
As per the changes to the IBC, there would be a deadline for completion of corporate insolvency resolution process within an overall limit of 330 days, including litigation and other judicial processes. At present, the deadline is 270 days.
This may pave the way for fresh bids for Jaypee Infratech, including one from Adani Group that had earlier made an unsolicited and non-binding bid to acquire the embattled firm
IBC may have had an enabling provision with respect to cross border bankruptcy, but more work needs to be done
NCLAT has directed that representatives of banks, buyers and other stakeholders of the embattled firm appear before it on July 17 to consider how the NBCC bid could be 'recast' in a manner that is beneficial to all.
In a letter addressed to PM Modi and FM Nirmala Sitharaman, homebuyers have appealed to the government to direct IDBI Bank and NBCC to resolve their differences on the resolution plan.
NCLAT also directs the committee of creditors not to finalise rejection of the NBCC bid without the court's consent.
Resolution inevitably requires large haircuts and bankers, especially in the public sector, are often not willing to take such decisions.
The voting on the NBCC bid began at noon on May 31 and is expected to continue for ten days until June 10.
The voting will be held from May 31 to June 10, sources said.
The 12th committee of creditors meeting to take place on May 30, post which the resolution plan may be put to vote on May 31, sources said
The 12th committee of creditors meeting expected to take place on May 30, post which the resolution plan may be put to vote on May 31.
Directs lenders to conduct fresh voting from May 31.
The e-voting started at 12 pm and will end on May 19 at 8 pm, sources said, adding the results will be declared on May 20.
While improving NCLT infrastructure is a welcome move, the lack of adequate information utilities have handicapped the bankruptcy law.
The voting process would start on Thursday at 9 am and end on Sunday at 5 pm