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NBCC is back in the race to acquire Jaypee Infratech

PW Bureau

Government-owned NBCC may be back in the race to acquire Jaypee Infratech but its bid will be considered only if the CoC decides to take it up

New Delhi: After being ousted, state-run NBCC is back in the race to acquire Jaypee Infratech on a day when the beleaguered real estate group’s lenders and thousands of homebuyers took a vote on the bid submitted by NBCC’s competitor in the race, Suraksha Group. Suraksha Group was earlier the lone player in the race as Jaypee’s lenders decided to not consider state-run NBCC’s bid because it was subject to too many government approvals.

According to sources, NBCC secured the necessary approvals from the Department of Expenditure and the Department of Investment and Public Asset Management (DIPAM) for its revised offer.

NBCC’s bid sure to shake things up

According to sources, homebuyers, who constitute at least 60 percent of the Committee of Creditors (CoC), were already spilt on the votes. NBCC’s announcement is now sure to shake things up. They also added that homebuyers are planning to write to Jaypee Infratech’s Interim Resolution Professional (IRP) Anuj Jain to take up NBCC’s revised bid for voting.

However, voting for Suraksha Group is going to continue online as expected and end on May 3.

Here’s a catch

NBCC may be back in the race but its bid will be considered only if the CoC decides to take it up. A minimum of five-days’ notice should be given to call a CoC meeting, as per Insolvency and Bankruptcy Code (IBC) guidelines. However, Jaypee Infratech does not have time as the 270-day deadline under IBC expires on May 6, giving the lenders a small window to clear the resolution or go for liquidation.