Jaypee Infratech insolvency: Lenders, homebuyers ask Suraksha group to improve bid

Lenders of Jaypee Infratech have asked Suraksha group to improve its bid by offering more land while homebuyers pitched for a reduction in timeline for completion of housing projects, sources said on Saturday.

A Committee of Creditors (CoC) met on Saturday to discuss the revised bids of state-owned NBCC and Suraksha group for acquiring Jaypee Infratech through the insolvency process.

This is the fourth round of bidding in the matter of Jaypee Infratech, which went into insolvency in August 2017. According to sources, lenders asked Suraksha group to offer more land under the land-debt swap deal as against the current offer of about 2,050 acres in Noida and Greater Noida.

Suraksha group was also told to specify how it will settle the dues of dissenting financial creditors, they added. Homebuyers demanded that Suraksha group should reduce the timeline for giving possession of their flats, sources said.