Lenders of bankrupt real estate developer Jaypee Infratech on Thursday decided to vote on the winning resolution plan next week.
The e-voting for the continuation of the fourth round of bidding will start on 14 June and close on 23 June.
With this move, the vote has been deferred again.
Earlier this week on Tuesday, the committee of creditors (CoC) had said it would consider bids of both state-owned NBCC (India) Ltd and realty firm Suraksha group in its meeting on Thursday.
On Monday, ahead of the CoC meeting, Suraksha group sweetened its offer to Rs 7,736 crore. Last month, Mumbai-based Suraksha offered a resolution plan worth almost Rs 7,000 crore, which was Rs 1,736 crore more than NBCC’s Rs 5,248 crore plan.
More than 20,000 homebuyers and 13 banks are part of the CoC.
The CoC has been giving more time to the two bidders to revise their bids to maximise realisations.
Moreover, the CoC and the resolution professional asked NBCC to first get permission from Yamuna Expressway Industrial Development Authority (YEIDA) for its offer to transfer part of its land bank to the lenders.
NBCC has offered to get the permission from YEIDA before the NCLT approval.
The government-owned firm noted that assenting financial creditors can realise up to Rs 4,000 crore for the 90% stake in the e-way special purpose vehicle (SPV) proposed to be offered to the lenders under its resolution plan.
In a letter to the CoC on Wednesday, NBCC had said that the fair market value of Yamuna Expressway is higher than the liquidation value projected at around Rs 3,450 crore.
The embattled township developer owes creditors a total of around Rs 22,600 crore, as per claims under the insolvency process.
A unit of Jaiprakash Associates, Jaypee Infratech which also owns the Delhi-Agra expressway, was sent for resolution under the bankruptcy law in August 2017, on a plea by a consortium led by government-backed IDBI Bank over dues worth Rs 4,334 crore.
