JIL home buyers favour NBCC bid, seek change in vote timeline

New Delhi, Nov 22 (SocialNews.XYZ) Expresssing their support to the resolution plan of NBCC (India), homebuyers of Jaypee Infratech on Friday wrote to their authorised representative in the Committee of Creditors (CoC), requesting the PSU's bid be put to vote first.

The home buyers are of the view that if the bid by Suraksha Realty is put to vote first as per the timeline, it may fail to reach the required 66 per cent votes as the plan does not speak of certain clarifications sought by the CoC, and they requested adequate time for voting on the other resolution plan, that of NBCC.

"The tenor of the clarifications sought by lenders in the CoC, makes it apparent that the bid by Suraksha remains silent on certain key issues (such as provisioning of tax dues of JIL), which have led certain bids to fail in the past. In light of that, it is important to make provision for voting on the bid by NBCC, so that the directions from the Supreme Court of India is complied with, in letter and spirit," the letter said.

Emphasising that the home buyers "unequivocally" wish that the NBCC should take over JIL, the home buyers' letter said that they are no comfortable with Suraksha being the successful resolution application as the government had assured tax concessions only if the NBCC ends up being the successful bidder.

As per the minutes of the CoC's previous meeting on Monday, the voting process on the resolution plans for the bankrupt company will start on December 8 and it would go on till December 11.

Both the bidders -- NBCC and Suraksha Realty -- would have to submitted their final resolution, if any, by December 3. The CoC is likely to meet again on November 28.

Source: IANS