Jaypee Infratech’s financial creditors, including lenders and home buyers, have approved the bid of state-owned NBCC to acquire the debt- laden realty firm under insolvency process, according to sources.
They said that NBCC’s resolution plan has been approved by the Committee of Creditors (CoC) with 97.36 per cent voting.
This is the third round of bidding process to find a buyer for Jaypee Infratech, which went into Corporate Insolvency Resolution Process (CIRP) in August 2017.
The successful resolution will provide a big relief to over 20,000 home buyers who are stuck in various housing projects launched by Jaypee Infratech in Noida and Greater Noida (Uttar Pradesh) for many years.
Source: Economic Times