Jaypee Infratech acquisition: NBCC, Suraksha to submit revised bids

18 May 2021 CW Team

State-owned National Buildings Construction Corporation Ltd (NBCC) and security firm Suraksha Group, which are in the race to acquire debt-ridden Jaypee Infratech Ltd (JIL), will submit their revised bids.

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

In the last meeting of the CoC held on Saturday, financial creditors, which included representatives of homebuyers and lender, discussed their bids and sought several clarifications.

During the meeting, both Suraksha Group and NBCC and were asked to make necessary changes and submit their revised bids. In the fourth round of the bidding process, NBCC is offering up to 1,903 acres, while Surakasha Group has proposed to give 2,651 acres to lenders.

Suraksha group has designated 1,486 acres to dissenting lenders out of the total land parcels offered in the proposal. NBCC has offered an additional 377-acre land in case dissenting financial creditors are not satisfied with its original offer of 1,526 acres, taking its total offer to up to 1,903 acres.

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

Suraksha group has offered to complete around 20,000 pending housing units in 42 months. The company proposed a line of credit of Rs 3,000 crore as working capital for project constructions.

Suraksha group has also given an undertaking that the company will meet any shortfall to the dissenting creditors through the disbursal of more funds or assets.

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