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NBCC, Suraksha Group submit revised bids to acquire Jaypee Infratech

Thursday, 08 Apr 2021
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The state-owned NBCC and Mumbai-based Suraksha Group have submitted their revised bids to acquire debt-laden Jaypee Infratech through an insolvency process, as per direction of the Supreme Court.

In March 2021, the Supreme Court remitted to the Committee of Creditors (CoC) the issue of approval of resolution plan for Jaypee Infratech (JIL) by stating no new expression of interest will be entertained for taking over the firm and only NBCC and Suraksha Realty may file revised proposals. The apex court also directed to extend the resolution process by 45 days.

NBCC and Suraksha Group have submitted their bids and a meeting of CoC is scheduled to be held on 12 April 2021. This is the fourth round of bidding process.

Both NBCC and Suraksha Group have made some changes in their plans in view of the apex court direction to return Rs 750 crore with accrued interest to Jaiprakash Associates (JAL), the promoter group of Jaypee Infratech, after reconciliation of accounts between JAL and JIL.

In March 2020, NBCC got approval from the National Company Law Tribunal (NCLT) to acquire Jaypee Infratech and complete around 20,000 pending flats over the next three-and-a-half years.

In the 2019 bid, NBCC had proposed to complete over 20,000 pending flats in housing projects launched by Jaypee Infratech in Noida and Greater Noida (Uttar Pradesh). NBCC offered 1,526 acres of land to lenders under a land-debt swap deal.

On Yamuna Expressway, NBCC had proposed to transfer the road asset to lenders but before that it will take a loan of around Rs 2,500 crore against toll revenue to fund construction spend.

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