Jaypee Infratech
Img : financialexpress

In the case of debt-ridden Jaypee Infratech, both the lenders as well as the homebuyers gave nod to the evaluation criteria that have to be adopted for selecting an appropriate bidder who would take over the company.

Earlier this year, five bidders including the State-owned NBCC, Kotak Investment, Singapore-based Cube Highways and Suraksha group have been shortlisted for the debt-ridden Jaypee Infratech.

Apart from the evaluation matrix, the committee of creditors [CoC] also sanctioned the process note for the request of a resolution plan (RFRP), as per the regulatory filing.

Both the proposals were passed with more than 60 percent voting rights of the representative members the filing added.

The regulatory filing also said that according to the discussion in the fourth CoC meeting that took place on 20 Dec 2018, the voting agenda 3 for the extension of timeline for submitting resolution plans have been incorporated in process note for RFRP, and date of submission of resolution plans is revised to 27 January 2019.

The Jaypee Infratech is currently facing insolvency proceedings in the NCLT. Earlier, Anuj Jain, the interim resolution professional [IRP] of Jaypee Infratech shared name of the companies that are participating in the Corporate Insolvency Resolution Process of the group is prepared while keeping the Insolvency and Bankruptcy Code (IBC) regulations in mind.

He also carried out a fresh initiative to revive Jaypee Infratech on the order of National Company Law Tribunal soon after the lenders rejected more than Rs. 7,000 crores bid of Suraksha group. Anuj Jain had also invited the expression of interest from the interested companies to submit a resolution plan to revive Jaypee Infratech Ltd (JIL), as many housing projects of the company are stuck in Noida and Greater Noida.

In 2017, the IDBI Bank-led consortium was submitted to NCLT and they sought resolution for Jaypee Infratech under the IBC.