National Buildings Construction Corporation Ltd (NBCC Ltd) has revived its bid and is set to offer 1,903 acres of land to lenders compared to the previous offer of 1,526 acre for the acquisition of Jaypee Infratech through the insolvency process. NBCC and Mumbai-based Suraksha group which are in the race to acquire Jaypee Infratech through the insolvency process boosted their bids and submitted fresh bids, following the instructions of the Supreme Court. Sources told the media that a meeting was held of the Committee of Creditors (CoC) to discuss the bids of both parties. The NBCC has modified its bid to offer up to 1,903 acres of land lots, mainly in Noida and Greater Noida in Uttar Pradesh. The process of finding the buyer for Jaypee Infratech may not be completed by the first week of May, according to sources, as the financial creditors are yet to decide on voting. The sources informed that the resolution process might need to be extended in that case. On the Yamuna Expressway, NBCC is proposing to provide lenders with an 82% stake in road assets, holding an 18% stake The 2019 bid suggested a 100% relocation of the highway. In previous meetings of the CoC, lenders had asked both the interested parties to improvise their bids and provide more land parcels under the land-debt swap transaction. This is Jaypee Infratech’s fourth bidding process, which went bankrupt in August 2017. Last month, the Supreme Court remitted to the CoC the issue of approval of a resolution plan for Jaypee Infratech Ltd (JIL), saying no new expression of interest would be entertained for taking over the firm and only NBCC and Suraksha Realty could file submit amendments. The Supreme court also ordered to extend the resolution process by 45 days. In March last year, National Buildings Construction Corporation Limited (NBCC) received approval from the National Company Law Tribunal (NCLT) for the acquisition of Jaypee Infratech. Last year, a homebuyer's claim worth 13,364 rupees, and a lender's claim worth 9,783 rupees were granted. However, the order was challenged in the appellate tribunal NCLAT and later in the apex court. Jaypee Infratech went into the insolvency process in August 2017 after NCLT approved an application by a consortium led by IDBI Bank To conduct the insolvency process and manage the company's operations Anuj Jain was appointed as an Interim Resolution Professional (IRP). In the first round of bankruptcy proceedings, the lenders rejected the Rs 7,350-crore bid of Lakshadweep, part of Suraksha Group. In the second round held in May-June 2019, the CoC rejected the bids of Suraksha Realty and NBCC. The issue then reached the National Company Law Appellate Tribunal (NCLAT) and then the Supreme court. On November 6, 2019, the Supreme Court ordered JP Infratech’s bankruptcy proceedings to be completed within 90 days and invited only the revised Settlement Plan from NBCC and Suraksha Realty. In December 2019 the CoC comprising 13 banks and approximately 21,000 homebuyers, approved the resolution plan of NBCC with a 97.36 % vote in favour of the third round bidding process. Image Source