INSUBCONTINENT EXCLUSIVE:
rejected its bid to acquire the insolvent company.The e-voting procedure, which started on April 30, lasted till 12 noon on Friday.The next
procedural step would be the company going for liquidation and the insolvency resolution professional (IRP) is likely to propose the
same.Among the 11 banks led by IDBI Bank, only Jammu and Kashmir Bank voted in favour of Suraksha's bid, the lone bid in the fray
Only 23 per cent of the CoC approved the resolution plan against the requirement of 66 per cent, according to the voting results published
by the resolution professional.Only around 9,000 home buyers out of the total 20,000 participated in the voting procedure, giving a clear
sign of rejection to the bid.Home buyers and the lenders would now wait for the May 6 hearing of the Allahabad bench of the National Company
Law Tribunal (NCLT) on the plea for extension of the resolution time period
May 6 also happens to be the deadline for the resolution of the debt-ridden realty company.Both home buyers and lenders would reportedly
NBCC on Monday wrote to the IRP to reconsider its bid for Jaypee Infratech as it has received all the requisite approvals from the Finance
Ministry, the Department of Investment and Public Asset Management and the Ministry of Urban Development.However, so far the IRP has not
given green signal to the state-run company's bid
Jaypee home buyers on Thursday alleged that the IRP, Anuj Jain, was in collusion with the debt-laden company and was violating the
Insolvency and Bankruptcy Code (IBC) by bringing up hurdles in the way of the NBCC bid.Get the latest election news, live updates and
election schedule for Lok Sabha Elections 2019 on TheIndianSubcontinent.com/elections
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Election results will be out on May 23.
