Jaypee Infratech acquisition: Suraksha Realty seeks week for new bid; NBCC submits plan

It was not instantly clear whether or not Suraksha will get extra time. “It would rely on the CoC. Let’s see what resolution CoC takes on Monday,” a sources stated.

State-run NBCC on Friday submitted the revised bid for buying the bankrupt Jaypee Infratech (JIL), at the same time as its rival, the consortium led by Suraksha Realty sought a weeks time to submitted its revised plan.

Individuals in know of the event stated NBCC’s revised bid was obtained on June 4. Suraksha group has written a letter to collectors searching for seven extra days to additional sweeten its final bid, which was submitted on Might 18. The committee of collectors (CoC) will meet on Monday (June 7) to debate the revised bids by each the decision candidates.

It was not instantly clear whether or not Suraksha will get extra time. “It would rely on the CoC. Let’s see what resolution CoC takes on Monday,” a sources stated.
That is the fourth spherical of the bidding course of within the matter of JIL’s chapter case. The corporate went into the insolvency course of in August 2017 after the Nationwide Firm Legislation Tribunal (NCLT) admitted an utility by an IDBI Bank-led consortium. Within the first spherical of insolvency continuing, the Rs 7,350-crore bid of Lakshadweep, a part of Suraksha Group, was rejected by lenders.

The CoC had rejected the bids of Suraksha Realty and NBCC within the second spherical held in Might-June 2019. The matter reached the Nationwide Firm Legislation Appellate Tribunal (NCLAT) after which the Supreme Courtroom. In November 2019, the Supreme Courtroom directed the completion of JIL insolvency course of inside 90 days and ordered that the revised bids to be invited solely from NBCC and Suraksha group.

In December 2019, the CoC, authorized the decision plan of NBCC with a 97.36% vote in favour through the third spherical of the bidding course of. Later in March 2020, NBCC had received an approval from the NCLT to accumulate JIL. Homebuyers’ declare amounting to Rs 13,364 crore and lenders’ claims price Rs 9,783 crore have been admitted final yr. Nonetheless, the order was challenged earlier than the NCLAT and later within the Supreme Courtroom, which in March this yr ordered that contemporary bids needs to be invited solely from NBCC and Suraksha. The apex court docket had additionally directed that decision course of be accomplished in 45 days, which lapsed on Might 8 and an utility has been filed to increase the timeline for locating a purchaser for JIL.