Jaypee Infratech’s homebuyers association urges flat owners to vote for NBCC bid

Jaypee Infratech’s homebuyers association urges flat owners to vote for NBCC bid
13/12/2019 , by , in News/Views

Jaypee Infratech’s homebuyers association has urged all flat owners and lenders to vote in favour of state-owned NBCC’s bid to acquire debt-laden realty firm as the public sector firm has experience to develop large projects and townships in the national capital region. NBCC and Suraksha Realty are in the race to acquire Jaypee Infratech through the ongoing insolvency process. On December 7, a committee of creditors (CoC) decided that homebuyers and lenders of Jaypee Infratech will vote on the bids of NBCC Ltd and Suraksha Realty at the same time. The voting process started on December 10 and will continue till December 16.

As many as 13 banks and over 23,000 homebuyers have voting rights in the CoC. Buyers have around 58 per cent votes. For a bid to be approved, 66 per cent votes are required. “Homebuyers want successful resolution; they are not averse to the plan of either of the two bidders/resolution applicants. However, there are certain essential criteria that steer NBCC much ahead in comparison to the other bidder,” said Aaditya Gutgutia, who is the spoksperson for the consortium of nine associations of home buyers. The consortium of nine registered associations of homebuyers is known as ‘9A’.

“Jaypee Wishtown Noida is a huge project comprising of 25,000 unfinished flats. Only NBCC has the experience of developing townships and large building complexes in the NCR. The support of the government and its navratna PSU status has instilled confidence in the 25,000 beleaguered homebuyers,” he said in a statement.

The association urged those homebuyers who are scattered across various cities and have not been able to keep pace with the developments, to vote for the resolution plan of NBCC. It also asked lenders to take a pragmatic view and support the NBCC plan.

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