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.