A meeting of the Committee of Creditors (CoC) was held to discuss the resolution plans of the two contenders -- NBCC and Suraksha -- under the Corporate Insolvency Resolution Process (CIRP).
According to sources, the CoC, which includes members of 13 banks and a representative of over 20,000 homebuyers, decided to put to vote the resolution plans of both the parties.
The voting process is likely to start from Monday next week and continue till June 23. In the CoC, homebuyers have around 56.63 per cent voting rights, lenders have about 43.25 per cent and the remaining is with fixed deposit holders.
Before the start of the meeting, JIL's Interim Resolution Professional (IRP) Anuj Jain submitted a report to the CoC, stating that the NBCC's bid is compliant with the Insolvency and Bankruptcy Code (IBC).
However, the IRP report raised concerns that NBCC's proposal related to transfer of 90 per cent stake in Yamuna Expressway to bankers was not compliant with the Supreme Court order passed in March this year, the sources said.
They said that NBCC was asked by the IRP and some members of the CoC) to mention in its bid that the company will take approval from Yamuna Expressway Industrial Development Authority (YEIDA) on its offer related to hiving off Expressway projects into a Special Purpose Vehicle (SPV).
In response, NBCC informed that if they emerge as the winning bidder, then it would try to take approval from the YEIDA before the NCLT go ahead for the resolution plan, the sources said.
Representatives of NBCC and Suraksha group were present at the CoC meeting on Thursday for a brief while to provide certain clarifications about their bids.
This is the fourth round of the bidding process in the matter of JIL bankruptcy case. JIL went into the insolvency process in August 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium.
The total admitted claims of the banks is ₹9,782 crore.
In the first round of insolvency proceeding, the ₹7,350-crore bid of Lakshadweep, part of Suraksha Group, was rejected by lenders.
The CoC had rejected the bids of Suraksha Realty and NBCC in the second round held in May-June 2019.
The matter reached the National Company Law Appellate Tribunal (NCLAT) and then the apex court.
In November 2019, the Supreme Court ordered that the revised bids be invited only from NBCC and Suraksha. In December 2019, the CoC approved the resolution plan of NBCC with a 97.36 per cent vote in favour during the third round of the bidding process.
In March 2020, NBCC got approval from the NCLT to acquire JIL.
However, the order was challenged before the NCLAT and later in the Supreme Court, which on March 24 this year, ordered that fresh bids should be invited only from NBCC and Suraksha.
The apex court had also directed that the resolution process be completed in 45 days, which lapsed on May 8 and an application has been filed to extend the timeline for finding a buyer for JIL.
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Never miss a story! Stay connected and informed with Mint.
our App Now!!