NBCC, Suraksha Group submit revised bids to buy Jaypee Infra

New Delhi, April 8

State-owned NBCC and Mumbai-based Suraksha Group have submitted their revised bids to acquire debt-laden Jaypee Infratech through an insolvency process, as per the direction of the Supreme Court.

Last month, the Supreme Court remitted to the Committee of Creditors (CoC) the issue of approval of resolution plan for Jaypee Infratech Ltd (JIL), saying no new expression of interest will be entertained for taking over the firm and only NBCC and Suraksha Realty may file revised proposals.

The apex court also directed to extend the resolution process by 45 days. NBCC and Suraksha Group have submitted their resolution plans to Interim Resolution Professional (IRP) Anuj Jain.

Jain said NBCC and Suraksha Group have submitted their bids and a meeting of the CoC is scheduled to be held on April 12.

Both NBCC and Suraksha have made some changes in their plans in view of the apex court direction to return Rs 750 crore with accrued interest to Jaiprakash Associates Ltd (JAL), the promoter group of Jaypee Infratech, after reconciliation of accounts between JAL and JIL, sources said.

In March last year, the NBCC got approval from the NCLT to acquire Jaypee Infratech and complete around 20,000 pending flats over the next three and half years. The order was, however, challenged in the appellate tribunal NCLAT and later in the Supreme Court.

Jaypee Infratech went into the insolvency process in August 2017, after the NCLT admitted an application by an IDBI Bank-led consortium.

In December 2019, the CoC comprising 13 banks and around 21,000 homebuyers, approved the resolution plan of NBCC with 97.36% vote in favour in the third round of bidding process. — PTI

Creditors’ meeting on April 12

• Both NBCC and Suraksha have made some changes in their plans in view of the apex court direction to return Rs750 crore with accrued interest to Jaiprakash Associates
• In March last year, the NBCC got approval from the National Company Law Tribunal (NCLT) to acquire Jaypee Infratech and complete around 20,000 pending flats over the next three and half years
• The order was, however, challenged in the appellate tribunal NCLAT and later in the Supreme Court