NBCC, Suraksha Realty asked to submit fresh bids to buy Jaypee Infra

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.

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.