Live
- Download Aviator App for Seamless Mobile Gaming
- Biden Pardon: Joe Biden Commutes Death Sentences of 37 Inmates, Including Child Killers and Mass Murderers
- South Korea: Yoon believes impeachment trial takes priority over martial law probe
- Strict Action for Non-Adherence to Time Management - DMHO Dr. Swarajya Lakshmi
- Over 13.29 lakh houses approved for rural poor in Maharashtra: Shivraj Chouhan
- District Collector Urges Timely Completion of Indiramma Housing Scheme Survey
- Digital Arrest Scam: Hyderabad Man Duped of ₹7 Lakhs by Fake Crime Branch Police Callers
- Sukhbir Badal seeks President's Police medal for officer who saved his life
- US Firm Accordion Acquires Merilytics, Launches 1,500-Seater Office in Hyderabad
- Free Medical Camp Organized by Alampur Advocate Bar Association
Banks vote against NBCC bid
A majority of Jaypee Infratech's lenders have voted against NBCC's bid but most home buyers wanted the state-owned company to take over the debt-laden realty firm, sources said.
New Delhi: A majority of Jaypee Infratech's lenders have voted against NBCC's bid but most home buyers wanted the state-owned company to take over the debt-laden realty firm, sources said.
The development comes hours after the National Company Law Appellate Tribunal (NCLAT) clarified that it has not barred lenders from voting against NBCC's resolution plan.
While the exact percentage of votes in favour and against the NBCC's takeover plan was not disclosed due to an insolvency court order, sources said the bid possibly has not mustered the requisite nod of two-third of lenders and buyers. The voting result is to be placed before the NCLAT.
In most bankruptcy proceedings, lenders have the right to vote for or against a resolution plan for a debt-laden firm. In the case of realty firms, home buyers also have voting rights at par with lenders.
As many as 13 banks and over 23,000 homebuyers have voting rights in the Committee of Creditors (CoC) of Jaypee Infratech.
Homebuyers represent nearly 60 per cent of voting rights, while banks have the rest. For approval of any resolution plan, at least 66 per cent votes should be in favour.
Earlier on Monday, the NCLAT clarified that it has not barred lenders from voting against NBCC's resolution plan.
Bankers had reservation with the NBCC's bid because of certain concession sought by the state-owned firm related to future tax liabilities.
