Suraksha, NBCC can submit final bids by June 4.

The Committee of Creditors (CoC) of Jaypee Infratech has allowed Suraksha Realty Ltd and state-owned NBCC to submit fresh bids by June 4.

This comes after NBCC challenged a decision by CoC to consider only the bid of Suraksha Group to acquire Jaypee’s stressed assets. Based on NBCC's request, the CoC had decided to put to vote on from May 27-28, the proposal of to allowing further time to both resolution applicants for submitting final resolution plan.

NBCC’s bid was rejected on the grounds that it was non-compliant with th provisions of the Insolvency and Bankruptcy Code.

The Suraksha Group proposes to give 2,651 acres to the lenders to settle the ₹7,116-crore debt. It has offered to complete pending works of around 20,000 housing units in 42 months. But it Suraksha Group intends to keep the Yamuna Expressway with itself.

HBL