Jaypee Infratech’s Committee of Creditors have voted for extending the bidding process and allowing both the government’s construction arm NBCC and Mumbai-based Suraksha Group to submit their revised bids by June 4.
The deadline for submission of the final bids is June 4 and resolution plans should be compliant with insolvency laws and a Supreme Court judgment dated March 24, sources said.
Jaypee Infratech’s creditors on May 27 started voting on a proposal to give a seven-day extension to NBCC and Suraksha Group to submit revised plans to take over the embattled firm and complete construction of around 20,000 homes that have been delayed by almost a decade. The process concluded on May 28.
Sources said that members representing 98.54 per cent of the voting rights gave their assent to the proposal to provide a final opportunity to both the resolution applicants to submit their revised bids within seven days.