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The Committee of Creditors is set to start voting on Monday on the debt resolution submitted by Suraksha Realty and state-owned NBCC for acquiring Jaypee Infratech under the debt insolvency process. While the final voting will conclude only on June 23, banking industry sources said that the bid submitted by Suraksha could be ahead due to better recoveries.
“While the final decision will be known only after the voting is over, lenders are leaning towards the bid submitted by Suraksha especially after it sweetened the offer last week. There could be further negotiations depending on how the voting happens,” said a source close to the CoC.
Higher bid
Last week, Mumbai-based Suraksha increased its bid to about ₹7,700 crore, which is ₹1,300 crore higher than what it offered earlier. NBCC, on the other hand, is offering land banks to the lenders. The offer includes 4,660 acres of expressway land and 137.85 acres of commercial land for the development of facilities along the Yamuna Expressway. The lenders had initially disqualified NBCC but later allowed it to bid after the state-owned company challenged the decision.
This is the fourth round of the bidding process in JIL’s bankruptcy case. The company went into the insolvency process in August 2017 after the NCLT admitted an application by an IDBI Bank-led consortium.
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