Bids
Img : lendio

The lenders of debt-ridden Jaypee Infratech planned to meet today for the discussion of bids to be submitted by the state-owned NBCC Ltd and the Suraksha Group to acquire the firm that has a couple of stalled projects in Noida and Greater Noida.

According to the sources, the bidder companies are asked to review their bid prior to the submission.

NBCC i.e. National Building Construction Company is a state-owned firm and is expected not to increase the bid of Rs. 500 crore capital infusions however they are ready to assist the lenders for monetizing the  Yamuna Expressway and the land parcel that is offered by the Public Sector Undertaking [PSU] in its resolution plan, the sources said.

A Committee of Creditors [CoC] had a meeting to discuss the resolution plans submitted by the NBCC and the Suraksha Group. Also, the Committee of Creditors will soon write to both the bidders regarding to the submission of revised bids on the basis of discussions that were held earlier.

In the meeting, the National Building Construction Company said they will complete and offer the possession of stalled projects to the homebuyers within three years inspite of the earlier timeframe of the five years.

The company also said that they are ready to work as the project management consultant and would charge fees to complete the stalled projects. Whereas the lenders can keep control of Jaypee Infratech, the sources informed.

In the resolution plan last month, the NBCC offered 1,400 acre land of Rs. 6,000 crore as well as Yamuna Expressway to lenders.

In 2017, the NCLT accepted the IDBI Bank-led consortium submitted a resolution of Jaypee Infratech’s debt under the Insolvency and Bankruptcy Code to the NCLT i.e. National Company Law Tribunal.