Img : lendio

The lenders of Jaypee Infratech that is a debt-ridden firm are scheduled to meet on 26th and 30th April in order to discuss the revised bids submitted by both the NBCC [National Building Construction Company] and the Suraksha group to acquire the firm.

The multiple projects of the Jaypee group in Noida and Greater Noida are stalled and these projects comprise of 20,000 housing units.

Both the state-owned NBCC and the Suraksha group are competing against each other to acquire the debt-ridden firm and the lenders some time back asked these companies to submit a workable bid. After this, both the companies submitted the revised bid under the Insolvency and Bankruptcy Code (IBC).

Anuj Jain, Jaypee Infratech Interim Resolution Professional informed about receiving revised resolution plans from NBCC and the Suraksha group. He further said that a discussion on the same will take place on two days that are 26th and 30th April.

The details of both the bids are yet to be disclosed.

A day ago, NBCC i.e. the State-owned National Building Construction Company submitted a revised bid to acquire Jaypee Infratech that is debt-ridden and have a couple of stalled projects with more than 20,000 housing units in Noida and Greater Noida.

Earlier in the month, the Jaypee Infratech that is facing insolvency proceedings has promised to give Rs. 2,000 crore for the completion of mid-stuck projects in four years.

Manoj Gaur, Jaypee Group chairman called a meeting with homebuyers a few days back and this is seen as an initiative to gain flat owners’ support to resolve the issue of delivering 20,524 housing units. The promoters of the company also apologized to the home buyers who are waiting for their home from a long time while laying the proposal to infuse Rs. 2,000 crores to complete the projects within the next four years.

Jaiprakash Gaur, founder of Jaypee Group also attended the meeting and more than one thousand homebuyers were also present in the meet. Whereas nearly a dozen flat owners boycotted the meet and protested at the venue – Jaypee Institute of Information Technology, in Noida.