Jaypee Infratech auction: Homebuyers' voting on hold

NEW DELHI: An internal voting to assess the leaning of homebuyers to decide on which company should complete the stuck projects of Jaypee Infratech has been cancelled, three homebuyers aware of the development said.

Over 22,000 Jaypee Infratech homebuyers had opted for internal voting that started on Wednesday, but it was put on hold after some buyers raised objection on the legality of it. The buyers have also approached the Insolvency and Bankruptcy Board of India regarding the internal voting issue.

State-owned NBCC and Mumbai-based Suraksha Realty submitted their revised bid on Tuesday and presentation of resolution plan will happen on Saturday before the committee of creditors (CoC). Formal voting to decide on the successful bidder is scheduled for Sunday.

The homebuyers, however, had decided to go for internal voting to assess the leaning of residents before going for the final voting.

“Most of the homebuyers favour NBCC and wanted it to be as H1 bidder. This means that in the final voting NBCC should be given the chance of voting first and if it manages to get 66% of the buyers’ vote, there will be no need for voting for Suraksha. However, with the internal voting being on hold now, the CoC will decide whether the voting for NBCC and Suraksha will happen simultaneously or one by one,” said one of the homebuyer.

Voting is likely to end by December 11 and the project winning bid will need at least 66% votes.

A Suraksha Realty team will be in Delhi on Friday and will meet homebuyers to inform them about the changes they have made in the fresh bid.

NBCC has advanced the completion date from 48 months to 42 months and has also offered 100 acre additional land to the lenders. It was offering 1,426 acres of land earlier and is now offering 1,526 acres. It has also proposed to increase the concession agreement of Yamuna Expressway by 10 years. Suraksha has revised the offer by upping its cash offer to lenders from Rs 25 crore to Rs 175 crore.