Jaypee Infratech's IRP says NBCC's bid conditional and non-binding

Realty firm Jaypee Infratech's Interim Resolution Professional (IRP) has opined that state-owned NBCC's revised bid was conditional and non-binding, which ran contrary to terms of the insolvency proceedings, sources said.

The Committee of Creditors (CoC) is scheduled to meet on Thursday (May 9) to discuss NBCC's revised offer to acquire debt-laden Jaypee Infratech.

The public sector unit has proposed infusion of Rs 200 crore equity capital, transfer of 950 acres of land worth Rs 5,000 crore to banks and completing construction of flats by July 2023 to settle an outstanding claim of Rs 23,723 crore of financial creditors.

Sources said