NBCC gets approvals for revised Jaypee Infra bid

State-run construction giant NBCC has received all the required approvals from ministries and government departments to bid for and acquire the debt-laden Jaypee Infratech, sources told IANS on Wednesday.

Last week, the Committee of Creditors (CoC) of the insolvent realty firm had rejected the National Buildings Construction Corporation's (NBCC) revised bid on the ground of lack of approvals, which had left Mumbai-based Suraksha Realty as the only approved bidder.

Sources said the Finance Ministry cleared the bid on Tuesday, April 30, while the Department of Investment and Public Asset Management (DIPAM) and the Ministry of Urban Affairs gave NBCC the go-ahead on Wednesday.

Now, NBCC would now ask the insolvency resolution professional (IRP) to consider its bid and put up the approved bids, to vote, including NBCC's, at the earliest before the deadline of May 6, sources added. The 270-day deadline to complete the resolution of insolvency case ends on May 6.

IDBI Bank, the lead lender to JIL had on Monday approached the Allahabad-bench of the National Company Law Tribunal (NCLT) seeking extension of the 270-day deadline. NCLT has scheduled the hearing over the extension plea on May 6.

Home buyers too want an extension of the period. Sanjeev Sahani, a member of a home buyer association said that if Suraksha does not get the required votes and the IRP proposes for liquidation, then the lenders along with the home buyers would seek an extension of the period, which would give NBCC the time to submit its bid.

Meanwhile, the e-voting procedure over the bids for Jaypee Infratech is on and would go on till May 3, with Suraksha Realty being the only contender in the fray.

"If NBCC's bid is approved, then it is most likely that the lenders and homebuyers would go in favour of NBCC," Sahani said.

(Rituraj Baruah can be contacted at rituraj.b@ians.in)

--IANS

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