Earlier, the creditors' panel did not allow vote on NBCC's bid citing lack of approvals from the government departments. Apart from NBCC, Adani Group has shown interest to bid for Jaypee Infratech but creditors have not sought resolution plan from Adani so far. In 2017, Jaypee Infratech went into insolvency after NCLT admitted the application by an IDBI Bank-led consortium seeking resolution of the firm. During the first round of insolvency proceedings, the ₹7,350 crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders. In October 2018, the IRP started a fresh initiative to revive Jaypee Infratech on the NCLT direction.

Source: Mint May 14, 2019 09:33 UTC