Lenders to vote on Suraksha plan from Monday
The committee of creditors (CoC) on Thursday rejected the resolution plan submitted by government-owned NBCC (India) for Jaypee Infratech (JIL) and has decided to send Suraksha Asset Reconstruction Company’s (ARC's) plan for voting from Monday.
Both NBCC and Suraksha ARC had bid for JIL’s assets, which owns a huge land bank alongside the Delhi-Agra Yamuna Expressway, apart from the expressway itself.
At the CoC meeting held on Thursday, the resolution professional said the plan submitted by NBCC was non-compliant -- taking into account the earlier Supreme Court (SC) judgment in the JIL case and the Insolvency and Bankruptcy Code (IBC), 2016.
Suraksha ARC has offered Rs 1,736 crore more to the creditors, compared to NBCC, at a total package of Rs 6,984 crore. The offer to lenders includes a debt swap, with part of the land bank owned by JIL.
At the CoC meeting, IDBI Bank said the issues should be resolved amicably and NBCC be given another chance. But the resolution professional said due to a tight deadline fixed by the top court in March this year, it cannot give more time to NBCC to make its plan compliant.
One of the first bankruptcy cases sent under IBC, 2016, in August 2017, the company had attracted two bidders in the final round – NBCC (India) and Suraksha ARC.
The homeowners, who had moved SC to get a seat on the CoC, are also waiting to get the keys to their new homes for over a decade.
At the same time, lenders, who sunk Rs 22,000 crore into the company and have not received a penny since 2017, are waiting for the resolution and will get less than 30 per cent of their dues back.
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