A bench of Justices DY Chandrachud and M R Shah said that a sub-committee of four directors constituted by the new board of management will hold negotiations with Suraksha ARC, JM Financial ARC and Edelweiss ARC, about the outstanding dues and the settlement agreement and apprise it in four weeks
Suraksha Asset Reconstruction Company Ltd. has emerged as the leading bidder for bankrupt construction firm Jaypee Infratech Ltd. in the ongoing fourth round of bidding. In the previous round, NBCC had been declared as the winning bidder but the process was restarted following directions from the Supreme Court.
"Now with the SC disallowing the use of this money by NBCC, it remains to be seen how the company arranges the money. Both the bids opened today have no cash component. NBCC is offering lenders land and some equity in the Yamuna Expressway project while Suraksha is offering us only land," said a person familiar with the plan.