Jaypee Infra lenders to vote on NBCC bid from May 31

The creditors panel of the embattled Jaypee Infratech has decided to go ahead with a vote on NBCC's revised bid to acquire the company. This even as the firm refused to dilute certain conditions in its offer. In a relief, however, NBCC has reduced the value of unsold inventories offered to lenders to ₹1,300 crore from ₹1,700 crore. As many as 13 banks and over 23,000 home buyers will vote under the insolvency process from May 31 to June 10. For the deal to go through, voters will have to acquire 66% vote. NBCC's offer entails capital infusion of ₹200 crore, transfer of 950 acres of land and completion of housing projects by July 2023.