Suraksha Realty raises objections to Jaypee's IRP
Suraksha Realty, one of the two bidders for insolvent developer Jaypee Infratech, has raised objections to the Interim resolution professional (IRP) and the Committee of Creditors (CoC) of the beleaguered company for putting both the bids of NBCC and Suraksha on vote simultaneously instead of the hi
Published -
Dec 13, 2019 4:04 AM
Suraksha Realty, one of the two bidders for insolvent developer Jaypee Infratech, has raised objections to the Interim resolution professional (IRP) and the Committee of Creditors (CoC) of the beleaguered company for putting both the bids of NBCC and Suraksha on vote simultaneously instead of the highest one. On Saturday, lenders of Jaypee Infratech decided to put both bids to acquire the bankrupt realty firm at the same time instead of putting the highest bid on the vote first. The voting process for 22,000 homebuyers and lenders started on Tuesday and will conclude on December 16. This is the third round of the bidding process initiated on the direction of the Supreme Court. In earlier two instances, the highest bid was put to vote first. On Tuesday, Suraksha Realty wrote to both IRP and CoC to express its displeasure. In the letter reviewed Suraksha Realty has highlighted that their bid was the highest based on parameters that maximizes value for lenders as well as homebuyers. Suraksha, in its letter to IRP and CoC, has drawn attention to Regulation 39(3) of Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 in support of its objection.
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