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Jaypee Infratech will take a call on Suraksha Group’s bid on April 30

PW Bureau

The news comes a day after it was decided at a CoC meeting on Friday that the lenders would not consider state-owned NBCC’s bid

New Delhi: Lenders of Jaypee Infratech are set to take a call on the offer made by Mumbai-based Suraksha Group for acquiring the real estate firm on April 30, sources said. The lenders will take a vote on the resolution plan submitted by Suraksha Group. There will be no Committee of Creditors (CoC) meeting as was scheduled earlier, the source added.

NBCC bid rejected

The news comes a day after it was decided at a CoC meeting on Friday that the lenders would not consider state-owned NBCC’s bid because it found the offer to be conditional and subject to approvals from various government departments.

On Friday, while submitting the revised bid, NBCC representatives sought some time from Jaypee’s creditors in order to take approvals from different government departments, sources added. However, the insolvency law does not allow conditional bids.

What were the offers?

Both NBCC and Suraksha Group had offered lenders land parcels worth Rs 5,000 crores, as against the earlier offer of land worth Rs 3,000 crores, in the revised bid. Additionally, NBCC had offered lenders the Yamuna Expressway that connects Noida to Agra in Uttar Pradesh in both its earlier and revised bids.