NBCC, Suraksha submit revised bids for Jaypee Infra
SECTIONS
Last Updated: May 19, 2021, 05:30 PM IST
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Synopsis
State-owned NBCC and Suraksha group, which are on the fray to acquire Jaypee Infratech Ltd (JIL) through an insolvency resolution process, have submitted their revised bids and have also clarified issues raised by financial creditors.
Agencies
State-owned NBCC and Suraksha group, which are on the fray to acquire
Jaypee Infratech Ltd (JIL) through an insolvency resolution process, have submitted their revised bids and have also clarified issues raised by financial creditors. The companies have also improved their offers, which were submitted to the Committee of Creditors (CoC) on Tuesday.
Synopsis
The JIL went into the insolvency process in August 2017 after the NCLT admitted an application by an IDBI Bank-led consortium. In the first round of insolvency proceeding, the Rs 7,350-crore bid of Lakshadweep, part of Suraksha Group, was rejected by lenders.
On November 6, 2019, the Supreme Court directed the completion of Jaypee Infratech s insolvency process within 90 days and ordered that the revised resolution plan to be invited only from NBCC and Suraksha Realty.
State-owned NBCC and Suraksha group, which are in the race to acquire debt-laden Jaypee Infratech Ltd (JIL), will submit their revised bids by Tuesday.
According to sources, a meeting of Committee of Creditors (CoC) is likely to be held on May 19 to discuss the bids submitted by both the parties under the Corporate Insolvency Resolution Process (CIRP). In the last meeting of the CoC held on Saturday, financial creditors, which includes representatives of lenders and homebuyers, discussed their
Jaypee Infra insolvency: NBCC, Suraksha asked to submit revised bids by Tuesday
Jaypee Infra insolvency: NBCC, Suraksha submit revised bids
State-owned NBCC and Suraksha group, which are in the race to acquire debt-laden Jaypee Infratech Ltd (JIL), will submit their revised bids by Tuesday.
According to sources, a meeting of Committee of Creditors (CoC) is likely to be held on May 19 to discuss the bids submitted by both the parties under the Corporate Insolvency Resolution Process (CIRP).
In the last meeting of the CoC held on Saturday, financial creditors, which includes representatives of lenders and homebuyers, discussed their bids and sought various clarifications.
Jaypee Infra insolvency: NBCC, Suraksha asked to submit revised bids business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.
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.