Suraksha Group seeks more time to submit final bid for Jaypee Infratech

Suraksha Group has sought at least seven days' extension to submit an "improved revised" bid to acquire debt-laden Jaypee Infratech Ltd (JIL) through insolvency as it is exploring ways to sweeten its offer for both homebuyers and lenders.
The Mumbai-based firm, which is pitted against NBCC to acquire JIL, did not submit its resolution plan on June 4 and rather sought at least seven-day extension to sweeten its offer for homebuyers and bankers.
NBCC, however, submitted its resolution plan. It is up to financial creditors now to decide whether Suraksha should be given the extension or not.
In a letter to Interim Resolution Plan (IRP) Anuj Jain on Friday, Suraksha Group asserted that it had already submitted a legally compliant resolution plan on May 18 and the bid was deliberated upon in the meeting of the CoC (Committee of Creditors).

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