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.
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.
The deadline for submission of the final bids is June 4 and resolution plans should be compliant with insolvency law and a Supreme Court judgement on March 24
Read more about Jaypee Infra case: NBCC, Suraksha get more time to submit final bids on Business Standard. Financial creditors of embattled Jaypee Infratech have decided to give more time to state-owned NBCC and Suraksha group to submit their final bids to acquire the realty firm through insolvency process
Read more about Revised offer for Jaypee Infratech is legally compliant, says NBCC on Business Standard. At its meeting held on May 24, the Committee of Creditors (CoC) deferred the voting on Suraksha Group s bid