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Jaypee Infra CoC defers voting on Suraksha’s bid

JIL’s IRP had submitted a report in the CoC meet, stating that the NBCC plan was non-compliant to the IBC.

IANS | New Delhi |

The Committee of Creditors (CoC) of Jaypee Infratech (JIL) has deferred the voting process on the resolution plan of Suraksha ARC till Friday, May 28, sources said.

The decision was taken by the committee in a meeting on Monday to discuss whether NBCC’s resolution plan should be considered. The voting on the Suraksha group’s bid was scheduled to start at 12 p.m. on Monday and go on till 5 p.m. on Thursday.

According to sources, the CoC will meet on May 28 to decide on giving more time to both the resolution applicants – Suraksha, NBCC.

If more than 51 per cent of the CoC members decide on May 28 to take revised plans from both the applicants, then both applicants will get time to submit fresh applications till June 4, otherwise Suraksha’s plan will be put to vote on May 28.

Earlier in the day, NBCC wrote to the IRP and lenders including home buyers urging them to examine its resolution plan with “lot of objectivity and diligence and put it up for voting to CoC members”.

The state-run construction major also said that it reserves its “right to take recourse required, if any, before the appropriate forum of law as and when necessary”.

The CoC approved the Suraksha group’s bid on May 20 and rejected the NBCC’s bid citing non-compliance with the Insolvency and Bankruptcy Code (IBC).

The NBCC submitted an addendum after its bid was rejected.

According to people in the know, JIL’s IRP had submitted a report in the CoC meet, stating that the NBCC plan was non-compliant to the IBC.

The development comes after the Supreme Court in April ordered submission of fresh plans by NBCC and Suraksha.