NBCC, the State-owned national building construction company along with Kotak Investment, Singapore-based Cube Highways and Suraksha group is shortlisted as bidders for the insolvent Jaypee Infratech a regulatory filing said.
The insolvency procedure of Jaypee Infratech is underway in NCLT [National Company Law Tribunal]. According to the regulatory filling by the Jaypee Infratech, the L&T Infrastructure who was amongst the five companies that had submitted expression of interest [EOI], was however excluded from the final list.
The sources earlier said that L&T would not be considered for the bidding process as the company was only interested in acquiring the 165-km long Yamuna Expressway that connects Delhi-Noida to Agra.
Anuj Jain, the Jaypee Infratech’s interim resolution professional (IRP) said in the filing that the final list of companies for participating in the Corporate Insolvency Resolution Process of Jaypee Infratech Ltd has been prepared as per the Insolvency and Bankruptcy Code (IBC) regulations.
In October, Anuj Jain had started a fresh initiative to revive Jaypee Infratech on the National Company Law Tribunal’s (NCLT) direction after lenders rejected an over Rs 7,000 crore bid of Suraksha group.
He then had invited the interest of Expression from companies to submit a resolution plan to revive Jaypee Infratech Ltd (JIL), who has many stuck housing projects in Noida and Greater Noida. The IDBI Bank-led consortium admitted an application in NCLT last year to seek a resolution for Jaypee Infratech under the IBC.
The National Company Law Tribunal [NCLT] had appointed Jain as IRP to manage the company’s business, who then invited bids from investors interested to acquire the debt-ridden Jaypee Infratech and to complete the stalled real estate projects in Noida and Greater Noida.
Consequently, Lakshdeep had emerged as a frontrunner to acquire JIL. However, in May this year, lenders of Jaypee Infratech rejected the Rs 7,350 crore bid by Lakshdeep as they found it inadequate.