Suraksha ARC won the bid with 98.66 percent votes, and it had 0.12 percent more votes than NBCC . Suraksha ARC Managing Director and Chief Executive Officer Aalok Dave said that the company was making internal preparations to begin construction work on all abandoned projects shortly after receiving NCLT permission .
New Delhi (New York): While a two-member special bench led by NCLT President Justice Ramalingam Sudhakar had reserved the order late last month, a written order for this was posted on November 22, boosting expectations for 20,000 homebuyers who would have possession of their dream flats in the debt-ridden JIL.However, it was still waiting for approval from the Delhi-based Principal bench of the National Company Law Tribunal (NCLT), Earlier this year, Suraksha ARC Managing Director and Chief Executive Officer Aalok Dave said that the company was making internal preparations to begin construction work on all abandoned projects shortly after receiving NCLT permission.The Reserve Bank of India (RBI) had warned the banks to contact NCLT in order to initiate insolvency proceedings.The CIRP must be completed within 180 days of the date of submission of the application, according to section 12(1) of the Insolvency and Bankruptcy Code (IBC).
Nevertheless, JIL was an unusual case which faced several litigation rounds and the time period continued to expand.After the finalization of the bids, it was pending before the NCLT for more than 17 months for approval.Suraksha group won the bid with 98.66 percent votes, and it had 0.12 percent more votes than NBCC.In the fourth round of bidding process, as many as 12 banks and more than 20,000 homebuyers have voting rights in the CoC.Homebuyers and creditors have 56.63 per cent and 43.25 per cent voting rights, respectively. Those who hold fixed deposit rights receive a 0.13 percent vote.It has also proposed to complete all vacant flats over the next four years.In the first round of insolvency proceeding, the Rs 7,350-crore bid of Lakshadweep, part of the Suraksha group, was rejected by lenders.During the second round, in May-June 2019, the CoC approved NBCC's resolution proposal with a 97.36 per cent response. The Supreme Court ordered a fresh round of bidding between the NBCC and the Suraksha group only on March 24, 2021.