After the rejection of their bid by the Jaypee lenders, the state-owned firm NBCC wrote to the IRP i.e. the interim resolution professional, Anuj Jain to express interest for acquiring the debt-ridden firm and also said that NBCC should get it on the basis of merit.
After the directive of Supreme Court, the National Building Construction Company is also working to complete the stalled projects of the Amrapali group and also said that it is done in the process to protect the interest of both bankers as well as the homebuyers.
The Jaypee lenders met on 26th April and took the decision to reject NBCC’s bid as it had some conditions and also required sanctions from multiple Government agencies and this is not permissible in case of insolvency.
Thus, the lenders of Jaypee made their mind to vote in favour of the Suraksha-group on 30th April. The Suraksha group is a Mumbai-based realty firm and is racing against NBCC and several others companies since the announcement to invite bidding was made.
The Committee of Creditors [CoC] met a few days back to discuss the bids submitted by both the companies. Before this, the NBCC and the Suraksha group were directed to submit revised bids to make this workable as the Jaypee Infratech has multiple stalled projects in Noida and Greater Noida that comprises of more than 20,000 residential units.
The sources further said that the CoC unanimously decided to reject the bid made by the National Building Construction Company. The main reason behind the rejection is believed to be the conditions and the subject of approval from multiple departments of the Government.
The sources also claimed that the NBCC officials sought some time to get clearances from multiple departments of the Government.
However, the conditional bids are prohibited to be made under the insolvency law.
Earlier, the NBCC has submitted its revised bids and also proposed the lenders a land parcel of worth Rs. 5,000 crore. Apart from this, the state-owned National Building Construction Company also proposed the Yamuna Expressway via which Noida is connected to Agra in the state of Uttar Pradesh.
On the other hand, the Suraksha group proposed a land parcel of Rs. 5,000 crore.
In April only, the debt-ridden Jaypee Infratech made an attempt to retain its right to control the firm also asked the home buyers to support them in the debt resolution plans under the Insolvency and Bankruptcy Code.