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Jaypee infratech case: Financial creditors vote for allowing more time to NBCC, Suraksha Group to submit revised bids

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 ended on May 28.

On May 23, the Chairman of Jaiprakash Associates (JAL) Manoj Gaur wrote a letter to the IRP

On May 23, the Chairman of Jaiprakash Associates (JAL) Manoj Gaur wrote a letter to the IRP

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.