Lenders ask NBCC, others to improve bid

New Delhi: Jaypee Infratech's lenders have asked state-owned NBCC (National Buildings Construction Corporation) Ltd and Suraksha group to improve their bid and offer more land parcels under an insolvency process to acquire debt-laden realty firm.

Earlier this month, NBCC and Mumbai-based Suraksha group submitted their revised bids to acquire Jaypee Infratech through an insolvency process, as per the direction of the Supreme Court.

In their bids, NBCC has offered 1,526 acre land and Suraksha group around 2,040 acre to lenders.

According to sources, lenders during a meeting of Committee of Creditors (CoC) on Saturday told both the interested parties to improvise their bids and provide more land parcels under the land-debt swap deal.

This is the fourth round of bidding process in the matter of Jaypee Infratech, which went into an insolvency process in August 2017.

Lenders also asked both the bidders to specify how they will settle dues of dissenting financial creditors, sources said.

Homebuyers demanded that Suraksha group should reduce the timeline for giving possession of their flats, they said.