Jaypee Infratech: IRP to send list of queries to NBCC before proceeding for vote

By Praveen Dwivedi
Photo: City Spidey
Posted: May 09, 2019

In a Committee of Creditors (COC) meeting to take decision on state-owned National Building Construction Company’s (NBCC) bid, the Interim Resolution Professional (IRP) on Thursday said that a list of queries on the conditional bidding will be sent on Friday.

“IRP will send queries on its conditional bids and the NBCC will be asked to reply on it by Monday,” said a source requesting not to be named.

It has also informed that following NBCC’s reply, the CoC will hold a meeting on May 14 and then date for organising voting to select NBCC will be decided.

As has been reported that IRP Anuj Jain had rejected NBCC’s revised bid terming it a conditional and non-binding, which ran contrary to terms of the insolvency proceeding. 

The CoC had earlier rejected both the resolution plans of Suraksha Realty and state-owned National Building Construction Company (NBCC).

Suraksha Realty's resolution plan was rejected by the CoC after voting organised by the Interim Resolution Professional (IRP) Anuj Jain. During the first round of insolvency proceedings, the lenders had rejected the Rs 7,350 crore bid of Lakshdeep which was part of the Suraksha Group.

On the other hand, the CoC had also rejected the NBCC's bid citing the reason that it was subject to approval from various government authorities on April 26.

However, later on, the NBCC had received all the required approvals from Department of Investment and Public Asset Management (DIPAM) as well as from the Ministry of Housing and Urban Affairs. NBCC had then requested the IRP to reconsider its bid on merit.

TAGS: JIL insolvency proceedings / Jaypee Infratech case / Jaypee incomplete projects / NBCC bid to acquire JIL / Jaypee home buyers / Noida news