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).
Noida: Jaypee homebuyers have been waiting for their houses for more than a decade. They are being asked to wait some more.
The insolvency resolution process that aims to complete the nearly 20,000 houses that Jaypee Infratech Limited (JIL) was to deliver at its sprawling township, Wish Town, in Noida will stretch longer. Interim resolution professional (IRP) Anuj Jain has applied to the Supreme Court for a 30-day time extension to allow public sector company NBCC – which is one of the two players in the fray to take over JIL – to file a proposal that is compliant with the Insolvency and Bankruptcy Code (IBC), 2016.
NBCC had submitted the fresh resolution plan on Friday evening, while rival bidder Suraksha Group had sought an additional seven days to submit a revised bid.
Last week, the companys committee of creditors (CoC) comprising lenders and homebuyers had voted in favour of a seven-day extension to bidders to revise their plans. Both the bidders were expected to submit their plans on Friday (today). This was the fifth time the resolution plans were getting revised.
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.