Suraksha group beats NBCC India in close race to buy Jaypee Infratech
The bidding race for Jaypee Infratech ended in a photo finish on Wednesday, with the Suraksha group’s resolution plan winning 98.66 per cent of the committee of creditors’ (CoC) votes and NBCC India receiving 98.54 per cent of the votes.
Both plans were put up for voting separately, and the tight result is leading to speculation that NBCC may move court again.
All lenders, except ICICI Bank, voted in favour of both the plans, while most homebuyers chose NBCC. However, dissent by Srei Infrastructure against NBCC’s plan tilted the scales in favour of Suraksha.
Jaypee Infratech, which owns the Delhi-Agra expressway and land on both sides of it, was referred to the National Company Law Tribunal (NCLT) in August 2017 under the Insolvency and Bankruptcy Code (IBC)
