JAYPEE INFRA RESOLUTION TAKES A MESSY TURN

New Delhi, May 23: Realty firm Suraksha Group on Sunday strongly objected to Jaypee Infratech creditors panel’s move to consider fresh submissions by NBCC and warned of appropriate legal action against lenders as well as the interim resolution professional (IRP) if voting on the group's offer fails to materialise.

The Suraksha Group has conveyed its objections in a letter addressed to IRP Anuj Jain and the committee of creditors (CoC).

The development comes hours after the IRP called for a meeting of the CoC in the morning of May 24 to discuss state-owned NBCC's addendum to its resolution plan, which was rejected by the panel on May 20. The Suraksha Group’s bid was also approved for voting on that day.

The meeting of the CoC will be from 10 am to noon on Monday, just two hours before the scheduled voting process on the Suraksha Group's offer will commence. The voting process will be on from noon on May 24 till 5 pm on May 27.

On May the CoC approved Suraksha Group's bid and rejected NBCC's offer, saying it was not compliant with certain provisions of the Insolvency and Bankruptcy Code (IBC) and a Supreme Court decision in March this year.

However, Monday’s CoC meeting is to discuss NBCC's addendum to its bid, which was submitted late on May 18.

Peeved over the proposed CoC meeting, the Suraksha Group said, "We wish to put on record strong objections to such actions to ratify and discuss the resolution plan of the other resolution applicant at this late stage .... " Listing out the reasons, Suraksha Group said it had submitted the resolution plan on May 18 within the stipulated timeline of 4 pm. NBCC's plan was submitted not only after stipulated timelines but also after opening and circulation of the Suraksha Group's plan to the CoC members.

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