The Committee of Creditors (CoC) will put to vote the NBCC bid for debt-ridden Jaypee Infratech for a period of 10 days, starting May 31.
The decision of the lenders’ panel came in a meeting on Thursday.
The NBCC bid this time also mentioned that the value of unsold inventories offered to lenders has been reduced to ₹1,300 crore from earlier ₹1,700 crore, said a source.
NBCC’s revised proposal was put to vote earlier this month, but bankers were opposed to the bid citing a few conditions in the resolution plan submitted by the company.
On bankers’ plea, the National Company Law Appellate Tribunal (NCLAT) on May 17 annulled the voting by home buyers and lenders on NBCC’s bid and the next meeting was scheduled for May 30.
The voting under the insolvency process, run by Jaypee Infratech’s Interim Resolution Professional (IRP) Anuj Jain, will start on Friday and continue till June 10.
There are 13 banks and 23,000 home buyers who have voting rights in the committee. If it wins the bid, NBCC plans to infuse an equity capital of ₹200 crore and complete the construction of over 20,000 flats by July 2023.
Meanwhile, business conglomerate Adani Group has also submitted its bid to acquire Jaypee Infratech.
The bid filed by Adani Group is learnt to be unsolicited and non-binding.