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NBCC's bid to be put to vote from May 16 to May 19: Sources

NBCC's revised bid to acquire Jaypee Infratech was expected to be discussed today by the Committee of Creditors (CoC).

NBCC's resolution plan to take over embattled company Jaypee Infra will be put to vote from May 16 (9 am) to May 19 (5 pm), sources say.

The NBCC's revised bid to acquire Jaypee Infratech was expected to be discussed on May 14 by the CoC.

On May 13, a day before the Committee of Creditors (CoC) meeting, the government’s construction arm NBCC decided against withdrawing certain clauses such as the exemption from tax liability, sources said.

At the last meeting lenders had flagged serious concerns about the state-owned firm's conditional bid to take over embattled Jaypee Infratech and sought NBCC's reply by May 13.