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

In a relief for the state-run NBCC, the Committee of Creditors (CoC) of Jaypee Infratech (JIL) has given more time to NBCC and Suraksha group for submitting revised resolution plans to acquire the bankrupt company.

Both the applicants will now have to submit fresh bids by June 4.

Subsequently, the voting on Suraksha's bid on May 28 was cancelled.

The voting over allowing both the companies to submit revised bids was conducted on May 27-28.

The CoC had approved the Suraksha group's bid on May 20 and rejected the NBCC's bid citing non-compliance with the Insolvency and Bankruptcy Code (IBC).

The NBCC on May 24 wrote to the IRP and lenders including home buyers urging them to examine its resolution plan with "lot of objectivity and diligence and put it up for voting to CoC members".

The state-run construction major also said that it reserves its "right to take recourse required, if any, before the appropriate forum of law as and when necessary".

The NBCC submitted an addendum after its bid was rejected.

According to people in the know, JIL's IRP had submitted a report in the CoC meet, stating that the NBCC plan was non-compliant to the IBC.

The development comes after the Supreme Court in April ordered submission of fresh plans by NBCC and Suraksha.

--IANS

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