NBCC, Adani among front runners in Jaypee Infratech acquisition

Photo: Akash Mishra
Posted: Aug 05, 2019

Days after National Company Law Appellate Tribunal (NCLAT) granted extra 90 days for another round of bidding to resolve debt-ridden Jaypee Infratech issue, the state-owned National Building Construction Company (NBCC) and Adani Infrastructure seem to be among the front-runners to take over its housing projects in Noida and Greater Noida.

Sources told CitySpidey that NBCC and Adani Infrastructures, however, were yet to submit their resolution bid before the Interim Resolution Professional (IRP). The tribunal has asked the IRP to complete the bidding process within 45 days out of 90. Once the resolution bids are submitted, they would be put before the Committee of Creditors (CoC) which comprises of representatives of all stakeholders including homebuyers for reviewing bids.

As per the sources, on July 30 Adani Infrastructure has shown interest in bidding to take over stalled Jaypee Infratech projects. The company has appealed the court to accept its bid, however, the tribunal did not consider its previous plea saying it should submit a fresh bid.

In its last order the two-judge bench, headed by S J Mukhopadhyay said, “We have given an opportunity to all the eligible persons to file expression of interest (improved) resolution plan, individually or jointly, or in concert with any person.”

The NBCC, whose bid was rejected by the CoC, is likely to submit a fresh bid after the tribunal directed it to file a fresh improved resolution.

TAGS: National Company Law Appellate Tribunal / NCLAT / Jaypee Infratech / Adani Infrastructures / Committee of Creditors / CoC / Noida / Greater Noida