A Committee of Creditors (CoC) decided on Monday to give another chance to both bidders of Jaypee Infratech to submit revised bids, hours before lenders were to vote on Suraksha group s proposal. Suraksha group and NBCC India are in the race to buy Jaypee s assets after the company defaulted to Rs 22,000 crore of loans. The CoC had last week decided to send Mumbai-based Suraksha group s offer for voting from Monday after it offered Rs 1,700 crore more to lenders than NBCC India. NBCC India s proposal was not sent for voting and the CoC had rejected it for not complying with Insolvency and Bankruptcy Code norms and Supreme Court orders. NBCC sent an addendum to its earlier offer and sought more time from the lenders late on Friday night.
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Asserting that the offer is compliant, NBCC in a letter to the Interim Resolution Professional (IRP) also said the company is fully aware of its responsibilities to be compliant with applicable law in its deeds and actions
The agenda of the meeting was not disclosed. However, sources said that the lenders and homebuyers will discuss the revised bids submitted on Monday by the two parties that are in race to acquire JIL.