Exclusive: NBCC, Suraksha Realty to submit bids to Jaypee Committee of Creditors today - What sources revealed to Zee Business

Financial creditors of embattled Jaypee Infratech’s fate likely to be sealed today as both NBCC and Suraksha Realty are likely to submit their respective bids today after the Committee of Creditors of Jaypee gave extra time to both the realty companies last week. 

In a Zee Business exclusive, sources tell, “NBCC and Suraksha Realty will submit its bids to the Committee of Creditors Jaypee Infratech by 5:00 pm today (June 04).” 

Jaypee Infratech is under the insolvency process for over months now. More than 20,000 homebuyers have over 56 per cent voting rights in the Committee of Creditors (CoC) and that of Fixed Deposit Holders is 0.13 per cent, while 13 banks have 43.26 per cent voting share.  

#ZBizExclusive | आज शाम 5 बजे तक NBCC और सुरक्षा रियल्टी #JaypeeInfratech के कमेटी ऑफ क्रेडिटर्स को सौंपेंगे बोली- सूत्र#NBCC pic.twitter.com/1kKizw4Gq5

— Zee Business (@ZeeBusiness) June 4, 2021

The two-day voting process began on May 27 to decide whether a further extension should be given to both the contenders. The deadline for submission of the final bids is June 4 and resolution plans should be compliant with insolvency law and a Supreme Court judgement on March 24, sources said. 

The CoC of Jaypee Infratech Ltd (JIL), in its meeting held on May 24, decided to defer the voting process on the Suraksha group's bid. While the panel decided to conduct voting on May 27-28 for allowing both NBCC and Suraksha to submit their final offers. 

NBCC last week wrote a strong letter to the Interim Resolution Professional (IRP) Anuj Jain protesting against its bid being declared as non-compliant, and it also submitted a 14-page addendum to its final bid to clarify concerns raised on the treatment of dissenting creditors. 

This is the fourth round of the bidding process in the matter of JIL bankruptcy case. JIL went into the insolvency process in August 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium. 

The Rs 7,350-crore bid of Lakshadweep, part of Suraksha Group, was rejected by lenders in the first round of insolvency proceedings. The CoC had rejected the bids of Suraksha Realty and NBCC in the second round held in May-June 2019.