In a major relief to over 20,000 home buyers of Jaypee Infratech, the National Company Law Tribunal”s (NCLT) principal bench on Tuesday approved public sector major NBCC”s resolution plan to acquire Jaypee Infratech.
The tribunal modified the resolution plan and said that the Rs 750 crore deposited by Jaiprakash Associates at the Supreme Court would be part of the resolution plan.
Jaypee Associates, the promoter group of JIL, has sought back the Rs 750 crore it had submitted in the Supreme Court.
NBCC opposed it, saying the amount is an integral part of its resolution plan for acquisition and completion of the projects of JIL. Both the bidders, NBCC and Mumbai-based Suraksha Realty, had included the Rs 750 crore in their resolution plans.
Last December, NBCC”s resolution plan received 97.36 per cent votes of the Committee of Creditors (CoC), with majority of the home buyers and the major banks voting in favour of the bid. NBCC”s plan received overwhelming support against the required 66 per cent votes for approval. The other bidder in the fray, Suraksha Realty, received 2.12 per cent votes.
This was the third time that the bids of both the companies have been put to vote. The Supreme Court had, on November 6, ordered completion of the JIL insolvency resolution process (IRP) within 90 days and said only the resolution plans of the NBCC and the Suraksha would be considered by the CoC for completing pending projects.
NBCC, in its bid offered, over 1,500 acres of land to lenders as against its earlier proposal of 1,426 acres. The lenders had asked NBCC, formerly known as National Buildings Construction Corporation Ltd, to offer 1,903 acres.
In another move to sweeten its bid, reversing its offer on the unsold inventory, the NBCC decided to keep the unsold units of JIL with itself and monetise them on its own, rather than leaving it to the bankers.
Earlier the NBCC had offered to transfer JIL”s unsold residential inventory to lenders at Rs 1,700 crore, before revising it to Rs 1,300 crore.
Both the home buyers and NBCC had been waiting for the approval from the NCLT for the NBCC”s bid, which would be a major move towards the delivery of apartments to over 20,000 home buyers who have waited for their dream homes for over a decade.