The Jaypee Infratech is taking more time to select bidders. The regulatory filing said that the financial creditors and homebuyers of Jaypee Infratech decided to extend the deadline for shortlisting bidders to submit proposals to recuperate this debt-ridden company.
According to this extension, the process of shortlisting bidders will now be carried out till February 15.
Earlier, the four selected bidders including state-owned NBCC, Kotak Investment, Singapore-based Cube Highways and Suraksha group were directed to submit resolution plans to revive Jaypee Infratech by 27th January.
The company is facing insolvency proceedings in the National Company Law Tribunal (NCLT).
The Committee of Creditors (CoC) sanctioned the proposal to ‘Extension of last date for submission of Binding Resolution Plans by the Resolution Applicants till 15th February 2019’. The regulatory filing informed.
In the meeting of Committee of Creditors that held on 17th January, the National Building Construction Company [NBCC], Cube Highways & Infrastructure and Suraksha ARC urged to extend submission deadline for submission of binding resolution plans as they need to get multiple necessary approvals.
“CoC members deliberated on the request and decided to extend the last date for submission of Resolution Plans till February 15, 2019 so as to ensure that Resolution Plans are submitted by the Resolution Applicants,” filing said.
With more than 71 percent, the CoC members gave their nod for the extension of CIRP (Corporate Insolvency Resolution Process) for an extended period of 90 days. Last year, the Committee of Creditors sanctioned evaluation criteria to be adopted for shortlisting a bidder to take this debt-ridden realty firm.
Anuj Jain, Jaypee Infratech’s interim resolution professional had begun a fresh to revive the company as per the directions of NCLT [National Company Law Tribunal] when the lenders rejected Suraksha group’s bid of more than 7,000 crores.
Jaypee Infratech has to pay the outstanding debt of approximately Rs. 9,800 crore out of which Rs. 4,334 crore has to be returned to IDBI. Apart from this, the company is also required to pay to other lenders including IIFCL, LIC, SBI, Corporation Bank, Syndicate Bank, Bank Of Maharashtra, ICICI Bank, Union Bank, IFCI, J&K Bank, Axis Bank and Srei Equipment Finance.