NBCC to acquire Jaypee Infra in half-year. Stock Market News.

NBCC to acquire Jaypee Infra, project to start in six months.

NBCC will acquire Jaypee Infratech. Jaypee Infratech's Committee of Lenders (COC) has elected the state-run NBCC (India). On Monday, banks and home buyers who loaned JP Infratech voted in favour of NBCC.

The NBCC proposal received 97.4 per cent votes. This includes 39.6 per cent of the vote of borrowers and 57.7 per cent of homebuyers. 10 out of 12 lenders voted in favour of NBCC. These included IDBI Bank leading the group.

A source close to the case said directly, "By Saturday, JP Infratech's bankruptcy process (IRP) and resolution plan will be sent to the NCLT and the Supreme Court. Actual construction on the stalled projects will begin in the next six months."

Within 45 days of the commencement of IRP, NCLT and Supreme Court or by the first week of February, NCLT will give green signal to NBCC to work. NBCC has asked for three months' time to raise money and other formalities.

It is expected that work will start in the first week of May. NBCC India director BK Sokhe said, "We had filed a will according to the rule and by Wednesday we will deposit Rs 100 crore bank guarantee." Anuj Jain of JP Infra declined to comment on the subject.

22,000 home buyers and lenders took part in this voting process that began on 10 December. This was the third round of bidding. It was started on the instructions of the Supreme Court. Homebuyers say that after getting cheated by the private builder once, they are trusting the government company.

Both NBCC and security bidders had made changes in their bids till the first week of December. NBCC reduced the time limit from four years to three and a half years and also increased the land given to borrowers from 1,425 acres to 1,526 acres.

JP has defaulted to Rs 526 crores of banks. There is a total debt of Rs 9,800 crore left on it. The NBCC says that for the proposed delay after the grace period of three and a half years and 12 months, it will first pay a compensation of Rs 5 per sqft every month.

The security had announced a compensation of Rs 250 crore to the home buyers and asked the customers to pay Rs 10 perqs
-ft for the delay after the grace period of three years and nine months demanded.

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