Thursday, Sep 24, 2020 | Last Update : 04:34 AM IST

183rd Day Of Lockdown

Maharashtra122438091634833015 Andhra Pradesh6317495518215410 Tamil Nadu5473374919718871 Karnataka5268764233778145 Uttar Pradesh3588932895945135 Delhi2492592133045014 West Bengal2283021989834421 Odisha184122149379763 Telangana1726081419301042 Bihar169856155824870 Assam159320129130578 Kerala13863398720554 Gujarat1247671051913337 Rajasthan116881972841352 Haryana113075908841177 Madhya Pradesh108167836182007 Punjab99930754092860 Chhatisgarh8618347653680 Jharkhand7267358543626 Jammu and Kashmir65026421151024 Uttarakhand4177729000501 Goa2875322726360 Puducherry2319118065467 Tripura2227215441245 Himachal Pradesh124387836125 Chandigarh102987411123 Manipur9010683859 Arunachal Pradesh7385540813 Nagaland5544445110 Meghalaya4733252838 Sikkim2447190529 Mizoram158510120
  Business   Companies  13 Nov 2019  NBCC, Suraksha Realty asked to submit fresh bids to acquire Jaypee Infratech

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

PTI
Published : Nov 13, 2019, 2:29 pm IST
Updated : Nov 13, 2019, 2:36 pm IST

Lenders of Jaypee Infratech will meet on November 18 to discuss the bids of NBCC and Suraksha Realty.

The Supreme Court, on November 6, directed completion of corporate insolvency resolution process within 90 days for Jaypee Infratech.
 The Supreme Court, on November 6, directed completion of corporate insolvency resolution process within 90 days for Jaypee Infratech.

New Delhi: State-owned NBCC and Suraksha Realty have been asked to submit fresh bids to acquire debt-laden Jaypee Infratech in an ongoing insolvency process, sources said.

Lenders of Jaypee Infratech will meet on November 18 to discuss the bids of NBCC and Suraksha Realty, which are expected expected to be submitted by the end of this week, they added.

 

The Supreme Court, on November 6, directed completion of corporate insolvency resolution process within 90 days for Jaypee Infratech and said the revised resolution plan will be invited only from the NBCC and Suraksha Realty.

The apex court had said that the pendency of any other application before the National Company Law Tribunal (NCLT) or National Company Law Appellate Tribunal (NCLAT), including any interim direction, shall be no impediment for the Interim Resolution Professional (IRP) to receive and process the revised resolution plan from the two bidders.

"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.

The crisis-hit subsidiary of Jaiprakash Associates has an outstanding debt of nearly Rs 9,800 crore. In the first round of insolvency proceedings, the Rs 7,350 crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders.

Interim Resolution Professional (IRP) Anuj Jain, in October 2018, started a fresh initiative to revive Jaypee Infratech on the NCLT's direction.

 

In the second round, lenders first rejected bid of Suraksha Realty and then that of NBCC. Jaypee Infratech informed exchanges on Tuesday that "a meeting of Committee of Creditors (CoC) will be held on November 18, 2019".

As many as 13 banks and over 23,000 homebuyers have voting rights in the CoC of Jaypee Infratech.

Tags: jaypee infratech, nbcc, suraksha realty
Location: India, Delhi, New Delhi