Sunday 8 December 2019
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business-standard - 5 days ago

Jaypee Infra insolvency: NBCC, Suraksha Realty offer more land in final bids

State-owned NBCC Ltd and Mumbai-based Suraksha Realty on Tuesday offered more land parcels to lenders in their final bids to acquire bankrupt realtor Jaypee Infratech through insolvency process, sources said. Lenders had asked both the suitors to sweeten their resolution plans and submit their bids by December 3. This is the third round of bidding process for resolution of debt-ridden Jaypee Infratech, which is a subsidiary of Jaiprakash Associates Ltd (JAL). According to sources, Suraksha Realty is in discussions with JSW group for technical and operational support to complete pending housing projects of Jaypee Infratech. NBCC in its final bid has offered 1,526 acres of land to lenders as against its earlier proposal of 1,426 acres. For homebuyers, it has reduced the deadline for the completion of over 20,000 flats to three-and-a-half years from the earlier four years. As sought by the lenders, NBCC has withdrawn its earlier two offers -- 50 per cent share in profit on sale of ...

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