NBCC, Suraksha get time till June 4 to submit revised Jaypee Infratech bids

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May 29, 2021 1:45 AM

Sources said that around 75-76% of the CoC members voted in favour of allowing time from May 29 to June 4 to both the resolution applicants to submit their final bids for JIL. Subsequently, the lenders’ panel cancelled the voting on Suraksha’s May 18 bid.

Jaypee InfratechSources said voting on the revised bids will commence on Monday (June 14) and will conclude on Wednesday (June 23). NBCC had submitted its revised bid on June 4, while Suraksha submitted on June 7. “Both the revised resolution plans have been found to be compliant with IBC provisions. Now voting will take place next week,” one of the sources said.

More than two-third members of the committee of creditors (CoC) of Jaypee Infratech (JIL) on Friday voted in favour of allowing seven days’ time to state-run NBCC and the consortium led by Suraksha Realty to submit their revised resolution plans to acquire the bankrupt real estate developer.

Sources said that around 75-76% of the CoC members voted in favour of allowing time from May 29 to June 4 to both the resolution applicants to submit their final bids for JIL. Subsequently, the lenders’ panel cancelled the voting on Suraksha’s May 18 bid.

The percentage of votes in favour of allowing both applicants to file their final bids could not be confirmed at the time of going to press.

This is the fourth round of the bidding process in the matter of JIL’s bankruptcy case. The company went into the insolvency process in August 2017 after the National Company Law Tribunal admitted an application by an IDBI Bank-led consortium.

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