Jaypee Infratech: NBCC, Suraksha Realty asked to submit fresh bids
Jaypee Infratech: NBCC, Suraksha Realty asked to submit fresh bids
Praveen Dwivedi
Jaypee Infratech: NBCC, Suraksha Realty asked to submit fresh bids
Photo: Samrat Roy

Jaypee Infratech: NBCC, Suraksha Realty asked to submit fresh bids

Noida: In a fresh development in ongoing insolvency case of Jaypee Infratech housing project, state-owned NBCC and Suraksha Realty have been asked to submit fresh bids to acquire debt-ridden projects, sources privy with the matter said.

Sources told CitySpidey that lenders of Jaypee Infratech will meet on November 18 to discuss the bids of NBCC and Suraksha Realty, which are expected to be submitted by the end of this week.

It was reported that the Supreme Court had directed Interim Resolution Professional (IRP) to complete insolvency resolution process within 90 days for Jaypee Infratech. The court had also directed that NBCC and Suraksha Realty can submit bids and had barred Jaypee Group from doing it.

“We direct the IRP to complete the CIRP within 90 days from today. In the first 45 days, it will be open to the IRP to invite revised resolution plan only from Suraksha Realty and NBCC, respectively, which were final bidders and had submitted resolution plan on earlier occasion and place the revised plan(s) before the Committee of Creditors (CoC), if so required, after negotiations and submit report to adjudicating authority NCLT within such time,” the bench said.

“In the second phase of 45 days commencing from 21st December 2019, margin is provided for removing any difficulty and to pass appropriate orders thereon by the adjudicating authority,” the top court had said.

Jaypee Infratech went into insolvency in 2017 after the NCLT admitted an application by an IDBI Bank-led consortium seeking resolution of the firm.