NBCC
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NBCC i.e the State-run construction company sought an extension of deadline for more than two weeks from the Committee of Creditors (CoC) to submit a revised bid for the Jaypee Infratech’s insolvency resolution process, the sources said.

The worries for the developer look to continue as this extension will delay the proceedings more as the pre-decided deadline of 270-days for CoC [Committee of Creditors] will also end on 6th May.

According to the sources, the NBCC i.e. the National Building Construction Company seeks an extension as its CMD Anoop Kumar Mittal’s term ended on 31st March and the Government denied to continue him till achieving superannuation age and his charge is given to a bureaucrat of Ministry for Housing and urban development temporarily.

In the case, Anuj Jain, is the interim resolution professional (IRP) and is responsible to carry out Jaypee Infratech’s insolvency process had shortlisted four players including NBCC, Kotak Investment, Singapore-based Cube Highways and Suraksha Group to bid for the Jaypee Infratech. He also asked all bidders to submit their resolution plans by 15th February.

In the meeting that held on 18th February, the lenders decided to receive bids from NBCC and Suraksha Asset Reconstruction Company. Both these companies made separate presentations to the group of lenders. The lenders also decided to hold more meetings with both NBCC and Suraksha before taking a final decision.

Earlier this month, the National Building Construction Company informed the stock exchanges that Shiv Das Meena, additional secretary of housing and urban affairs ministry, has taken the additional charge of the firm after Mittal’s tenure ended on 31st March 2019.

Shilpa Sardare Jain
Shilpa Sardare Jain is a journalist and works as a content writer with us. Her journalistic background helps her cater the viewers with accurate news about everything around. She is experienced at writing articles, blogs, features and news related to different genres. She started her career with News24 News channel and then worked with a leading digital media channel One India News and few others. Shilpa Sardare Jain is a joyful person who loves to explore new places and food when not working. Also, she has the zest for reading autobiographies of politicians who took the world by storm.