Jaypee Infra creditors reject NBCC’s bid as non-compliant with IBC

Insolvency bound realty developer Jaypee Infratech NSE 2.78 %’s Committee of Creditors (CoC) has termed state-run NBCC NSE 0.30 %’s bid for the company non-compliant with the code, as interpreted by the Supreme Court’s recent judgment, with regards to payment to dissenting financial creditors (DFC), said persons familiar with the development.

Following this, Suraksha Group’s resolution plan – the sole compliant proposal for the company’s takeover – will be put to vote-seeking homebuyers’ and lenders’ consent. The voting will be on starting from Monday, May 24 and close on Thursday, May 27 evening.