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.
The reason why hassled home buyers seem to have complete faith in the company is because it is a government enterprise
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.
The voting process will end on May 19 and the outcome would be declared on May 20.
The voting process would start on Thursday at 9 am and end on Sunday at 5 pm
NBCC's revised bid to acquire Jaypee Infratech was expected to be discussed today by the Committee of Creditors (CoC).
In October 2018, the IRP started a fresh initiative to revive Jaypee Infratech on the NCLT direction.
The committee of creditors will reconvene on May 14 to take a final call on the revised bid by NBCC, sources said.
The public sector unit has proposed infusion of Rs 200 crore equity capital, transfer of 950 acres of land worth Rs 5,000 crore to banks and completing construction of flats by July 2023 to settle an outstanding claim of Rs 23,723 crore of financial creditors.
Homebuyers say that they are now focusing on the NCLT hearing on May 6 and are hopeful that the resolution process would get an extension. They are definitely not in favour of the company going into liquidation.
Under the insolvency proceedings, 41 per cent of the members of the committee of creditors (CoC) voted against the proposal, while 23 per cent were in favour.
Sakshi Batra chats with Moneycontrol's Vandana Ramnani to find out how the voting process panned out.
Representatives of nine homebuyers' associations of Jaypee Infratech's housing projects in Noida, Uttar Pradesh, said that Jaypee group promoters are interfering in the insolvency proceedings to regain control over the troubled realty firm.
In a regulatory filing, NBCC said it has got the necessary approvals from the Ministry of Housing and Urban Affairs and other concerned departments for its bid.
The Committee of Creditors on April 26 had rejected the NBCC bid, terming it conditional and without the necessary approval from the government. The lenders had approved voting on a rival bid from Mumbai-based Suraksha Realty, backed by Sudhir Valia of Sun Pharma group.
The bank has approached the Allahabad bench of the NCLT court to extend the Corporate Insolvency Resolution Process (CIRP) as the deadline expires on May 6, sources said.
Homebuyers complain that the situation has left them confused.
NBCC, which is also completing some projects of Amrapali group on the Supreme Court's direction, said its offer safeguards the interests of bankers as well as homebuyers.
Offer by Mumbai-based Suraksha Group will likely be the only one to be put to vote next week.
NBCC and Suraksha Realty group-led consortium, which are in the race to acquire Jaypee Infratech, were asked by the lenders to sweeten their offers.
Lenders of debt-ridden company are expected to meet on April 26 to discuss revised bids of NBCC and Suraksha Group and also decide whether Adani Group can be allowed to enter the race at this stage
Jaypee Infratech's Interim Resolution Professional (IRP) Anuj Jain informed last week that a meeting of the committee of creditors (CoC) would be held on April 26.
NBCC and Suraksha Group are in race to acquire bankruptcy-bound realty firm Jaypee Infratech.
A meeting of the committee of creditors (CoC) was held to discuss resolution plans submitted by NBCC and Suraksha Group.
A meeting of the Committee of Creditors (CoC) will be held on March 1, said Anuj Jain, the Insolvency Resolution Professional (IRP) of Jaypee Infratech, in a regulatory filing.