NBCC, Suraksha submit revised bids to acquire JAL

New Delhi: State-owned NBCC and Mumbai-based Suraksha group have submitted their revised bids to acquire debt-laden Jaypee Infratech through an insolvency process, as per the direction of the Supreme Court.

Last month, the Supreme Court remitted to the Committee of Creditors (CoC) the issue of approval of resolution plan for Jaypee Infratech Ltd (JIL), saying no new expression of interest will be entertained for taking over the firm and only NBCC and Suraksha Realty may file revised proposals. The apex court also directed to extend the resolution process by 45 days. NBCC and Suraksha group have submitted their resolution plans to Interim Resolution Professional (IRP) Anuj Jain.

Jain told PTI that NBCC and Suraksha group have submitted their bids and a meeting of the CoC is scheduled to be held on April 12. This is the fourth round of bidding process. Both NBCC and Suraksha have made some changes in their plans in view of the apex court direction to return Rs 750 crore with accrued interest to Jaiprakash Associates Ltd (JAL), the promoter group of Jaypee Infratech, after reconciliation of accounts between JAL and JIL, sources said.