Relieving news for Jaypee Infratech's residential projects is coming. Smiles can float on the faces of thousands hoping to get home soon from this news. In fact, financial lenders including lenders and land buyers have approved the state-owned NBCC's bid for the acquisition of the debt-ridden Real Estate company. Sources in a media reporter have reported that the Committee of Creditors (COC) approved the resolution plan of NBCC with a vote of 97.36 percent. This is the third attempt to acquire Jaypee Infratech.
23,000 home buyers likely to get relief Earlier in August 2017, JP's case was referred to as the Corporate Insolvency Resolution Process (CIRP). If this issue is resolved successfully, then 23,000 home buyers from Noida and Greater Noida adjacent to Delhi can get a big relief. These people have been stranded in various projects of Jaypee for many years.
Voting started on bids on 10 December
NBCC was formerly known as National Buildings Construction Corporation. It is a major company involved in the Navratna companies in India. Voting on the bids of Jaypee's acquisition of NBCC and Mumbai's Suraksha Realty began on 10 December and voting was held till 11.59 pm last night. 13 banks and over 23,000 homebuyers had voting rights in the Committee of Creditors. The buyers had about 58 percent of the vote. Jaypee Infratech's Interim Resolution Professional (IRP) has accepted claims of over 13,000 crores for landlords and Rs 9,800 for lenders. Anuj Jain has been appointed as the IRP of the company to conduct the insolvency process and look into the affairs of the company.
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