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).
State-owned NBCC on Friday submitted its final bid to acquire Jaypee Infratech Ltd (JIL) while rival Suraksha group sought more time to make the final offer for the debt-laden realty firm under the insolvency resolution process, sources said. According to the sources, NBCC has submitted the final bid and it is compliant with the Insolvency and Bankruptcy Code (IBC) provisions and a Supreme Court order passed in March this year. Suraksha group has written a letter to creditors seeking seven more days to further sweeten its last bid, which was submitted on May 18. The group also wants to reduce the timeline to complete flats from its earlier proposal of 42 months for deliveries, the sources said.
Moreover, home buyers who constitute a majority of the debt are unlikely to support a bid from the very builder which delayed the construction in the first place people familiar with the negotiations said. This offer is too little too late and must not be given importance, they said.
Noida: Wish Town buyers have demanded that the committee of creditors (CoC) in the Jaypee Infratech Limited (JIL) insolvency resolution should award a.