Mumbai: State-owned NBCC on Tuesday won approval of financial creditors to takeover debt-laden Jaypee Infratech Ltd, rekindling hopes of homebuyers finally getting their promised flats over the next 4 years.
A week-long voting on the takeover proposals submitted by NBCC and Mumbai-based real estate firm Suraksha Realty ended close to midnight, with results going in favour of the state-owned firm with a overwhelming majority of 97.36 % favouring it.
This is the third round of bidding process to find a buyer for Jaypee Infratech, which went into Corporate Insolvency Resolution Process (CIRP) in August 2017.
The successful resolution will provide a big relief to over 20,000 homebuyers across various housing projects launched by Jaypee Infratech in Noida and Greater Noida (Uttar Pradesh).
As many as 13 banks and over 21,000 homebuyers have voting rights in the Committee of Creditors (CoC). Buyers have 57.66 % voting rights, fixed deposit holders 0.13 % and lenders 42.21 %. For a bid to be approved, 66 % votes are required.
