Suraksha's bid to acquire Jaypee Infra fails after creditors reject offer

Under the insolvency proceedings, 41 per cent of the members of the committee of creditors (CoC) voted against the proposal, while 23 per cent were in favour

Financial creditors of Jaypee Infratech Friday rejected Suraksha Realty's bid for the debt-laden firm as the offer was low on upfront cash payment and will meet on May 9 to discuss the future course of action, sources said.

Mumbai-based Suraksha group was the lone contender in the race to acquire Jaypee Infratech after the Committee of Creditors (CoC) rejected the bid of state-owned NBCC Ltd on the grounds that the offer did not have approval from various government departments.

NBCC wants its bid to be reconsidered, while Adani Group has also shown interest in acquiring Jaypee Infratech and completing over 20,000 delayed