In a recent development which can also be said as a big jolt for the stressed Jaypee homebuyers, the public sector construction firm, NBCC has recently shown its reluctance to acquire debt-ridden Jaypee Infratech Limited. According to the sources, NBCC is no more interested in acquiring JIL and its stalled projects which may become a dead-end for the homebuyers.
The banks led by IDBI Bank have once again rejected the NBCC’s bid in the last round of voting. On the other hand, the homebuyers voted in favour of the bid. This could be a possible reason for NBCC denial of JIL acquisition as there is no unanimity among the home buyers and the banks, revealed sources.
An NBCC official on condition of anonymity said, “Such are the differences that, if the banks are ‘north pole’, home buyers are ‘south pole’. The only possible way forward for Jaypee seems to be liquidation. We are not aggressive. If we were aggressive, our lawyer would have been there at the NCLAT now.”
In the last couple of months, many unavoidable situations took place in the whole Jaypee case that may have given reasons to NBCC to finalise their decision on the same. It could be denied the extension of ex NBCC Chairman Anoop Kumar Mittal or repeated changes in the bid.
On Sunday, the stressed homebuyers once again suggested Committee of Creditors (CoC) to consider the proposal made by Jaypee Group under section 12A. They have also appealed Finance as well as Housing and Urban Affairs Ministers to look beyond NBCC’s bid as they are not in favour of any conditional proposal.
From May 31 to June 10, the last round of voting took place on the NBCC’s proposal in which a majority of the lenders voted against the bid saying that it was conditional.
A few months back, even Adani Infrastructure and Development (AIDPL) showed their interest in acquiring JIL. They proposed to complete the unfinished houses in four years of time. On this, the CoC asked resolution professional (RP) Anuj Jain to enquire from AIDPL about the completion timeline.
On July 2, the National Company Law Appellate Tribunal’s (NCLAT) will be once again hearing the IDBI Bank’s plea over NBCC bid after which the CoC is likely to issue fresh expressions of interest (EoI) for the Jaypee Infratech Limited.