Jaypee Infratech insolvency: Lakshadweep's bid a bitter pill for lenders?

Liquidation of Jaypee's assets would mean home buyers being left in the lurch, forced to take a haircut

Lakshadweep, the highest bidder in the first round of bids for Jaypee Infratech, is willing to negotiate its bid now. But, why was its bid rejected in the first place?  

Sources say that lenders rejected the bid as they felt that it was one-sided, as it had nothing for home buyers and minority shareholders, while extending the timeline for completing projects. 

Those involved in Jaypee Infratech’s resolution process say that the lenders were irked by the fact that Lakshadweep’s revised bid was only Rs 2-3 billion higher than what it had offered earlier. The final bid by Lakshadweep, the Sudhir Valia-led