A shock to JP buyers in the plan to support votes for NBCC

New Delhi: The National Company Law Court (NCLT) rejected a petition of a group of homebuyers JP buyers NBCC in the CoC meeting for the bankruptcy of JP Infratech. This classification was sought in the petition so that votes of absent house buyers could be considered “yes”

In his judgment, NBCC Dr. Members  of the NCLT Board of Directors

The decision will lead to more ambitious projects like JP Infratech, Vish Town, and uncertainty in the process of resolving the real estate company, which fell into bankruptcy because it was unable to obtain the voter share of the required creditors for a human decision.

To support the voting quota,  need absentee votes to accept “yes” instead of “no”, as is the rule now. But under IBC, this can not happen unless the home buyers are recognized as a separate sub-group of creditors under financial creditors.

If all the home buyers who have voted for the proposal by the National Building Construction Corporation (NBCC) have so far voted and with other institutional creditors who support it, then the total vote will be approximately 60%, which is much higher than the legal requirement of 66% Will be down This is the reason why there is a demand for “yes” votes for absent house buyers. The CoC has requested NLCC to allow NBCC to vote against the company’s attempt to acquire the company. Other small creditors, such as Life Insurance Corporation, had a 3.15% stake and some other banks. If the solution is not complete, then there are worries that the company can be decomposed, which will harm the home buyers.

In its opinion, the Ministry cited the NCLT decision in the matter of AMR Infrastructure where it was found that when the COC has only one category creditor – Real estate in this case – the vote of the majority should be kept in mind.

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