State-run construction company NBCC and realty developers Suraksha Realty have submitted their respective revised bids to acquire debt-stressed Jaypee Infratech under the insolvency process.Suraksha Realty has upped its offer to Rs 7,900 crore to lenders and possession in 3 years to over 22,000 homebuyers. In the earlier round of bidding, Suraksha had offered Rs 5,000 crore. This is the third round of bidding process in the Jaypee Infratech insolvency matter. Jaypee had defaulted on a Rs 526-crore loan by the bank. In 2017, the NCLT had admitted the application of an IDBI Bank-led consortium seeking resolution of Jaypee Infratech’s debt under the Insolvency & Bankruptcy Code.

Source: Economic Times November 17, 2019 14:24 UTC