NEW DELHI: Realty firm Jaypee Infratech's Interim Resolution Professional (IRP) has opined that state-owned NBCC's revised bid was conditional and non-binding, which ran contrary to terms of the insolvency proceedings, sources said. The Committee of Creditors (CoC) is scheduled to meet on Thursday (May 9) to discuss NBCC's revised offer to acquire debt-laden Jaypee Infratech. The CoC had on May 3 rejected a bid of Mumbai-based Suraksha Realty group, which was the lone contender after NBCC's revised offer was rejected in absence of approvals from the government departments. NBCC has now got the approval from the relevant government authorities for its revised offer, which was submitted to the IRP on April 24. In its revised offer, NBCC has put several conditions for carrying out its commitment.

Source: Mint May 08, 2019 12:11 UTC