NBCC is unlikely to dilute certain conditions, including exemption from tax liability, in its offer for debt-laden Jaypee Infratech but is ready to negotiate on the proposal related to unsold flats. Jaypee Infratech’s lenders have started negotiations with NBCC on the latter’s bid to acquire the realty firm.
Recently, the National Company Law Appellate Tribunal (NCLAT) had annulled voting by homebuyers and lenders on NBCC’s bid and allowed renegotiation on the offer by 30 May. Voting process could start from 31 May.
Lenders have shown reluctance to acquire up to 2,207 unsold flats worth Rs 1,756 crore as proposed by NBCC in its revised offer. NBCC is ready to negotiate on its proposal related to unsold flats. However, NBCC is unlikely to dilute its conditions related to exemption of tax liabilities.
Jaypee Infratech (JIL) was incorporated on 5th April 2007 as a Special Purpose Vehicle (SPV) for implementation, operation, and maintenance of 165 km long 6-lane Access-Controlled Yamuna Expressway in the state of Uttar Pradesh connecting Noida and Agra.