NCLAT tells Jaypee Infratech lenders, allottees to appear on July 17

NCLAT tells Jaypee Infratech lenders, allottees to appear on July 17
03/07/2019 , by , in News/Views

With creditors rejecting NBCC’s bid to acquire Jaypee Infratech, the NCLAT Tuesday directed representatives of banks, allottees and other stakeholders to appear before it on July 17 to consider how the bid could be tweaked for the benefit of home buyers.

The tribunal was informed that in the voting that took place on NBCC’s bid, home buyers that account for 34.75 per cent of the total of Committee of Creditors (CoC) had voted in its favour, 1.44 per cent against, whereas 23.8 per cent did not vote.

However, all the 13 banks, which constitute 40.75 per cent of CoC voted against the bid by the state-run firm to acquire Jaypee Infratech. The voting started on May 31 and concluded on June 10.

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