NBCC, Suraksha asked to submit revised bids today

New Delhi: State-owned NBCC and Suraksha group, which are in the race to acquire debt-laden Jaypee Infratech Ltd (JIL), will submit their revised bids by Tuesday.

According to sources, a meeting of Committee of Creditors (CoC) is likely to be held on May 19 to discuss the bids submitted by both the parties under the Corporate Insolvency Resolution Process (CIRP).

In the last meeting of the CoC held on Saturday, financial creditors, which includes representatives of lenders and homebuyers, discussed their bids and sought various clarifications.

During the meeting, both NBCC and Suraksha were asked to make necessary changes and submit their revised bids.

In this fourth round of bidding process, NBCC is offering up to 1,903 acre, while Surakasha group has proposed to give 2,651 acre to lenders.

Suraksha group has earmarked 1,486 acre to dissenting lenders out of the total land parcels offered in the proposal.

NBCC has provided an additional 377-acre land in case dissenting financial creditors are not satisfied with its original offer of 1,526 acre, taking its total offer to up to 1,903 acre.

While Suraksha group will keep Yamuna Expressway, which connects Noida to Agra, with itself, the NBCC will transfer over 80 per cent of stake in the road projects to banks and financial institutions.

Suraksha group has offered to complete the pending around 20,000 housing units in 42 months. It has proposed a line of credit of Rs 3,000 crore as working capital for construction of projects. Suraksha group has also given an undertaking that any shortfall to the dissenting creditors will be met by the company through pumping of more funds or assets. According to sources, a similar undertaking has been sought from NBCC as well. It is estimated that around Rs 6,000 crore will be required to complete all stalled projects. The receivables from customers against sales are estimated at around Rs 3500 crore, sources had said.