Kotak Realty-Cube cries foul over change in Jaypee Infratech bid rules

The bidding process for beleaguered Jaypee Infratech is turning out to be an ugly fight, with one of the shortlisted bidders — consortium of Kotak Realty Fund and Cube Highways – protesting against the sudden change in bid evaluation criteria, said two persons with direct knowledge of the development. According to sources directly involved in the transaction, Adani Group has emerged as the highest bidder and would be tasked with completing around 25,000 delayed homes, including flats and villas. The group had submitted its revised bid that was considered in a meeting of Committee of Creditors held on Wednesday, but is yet to be intimated. The Kotak Realty-Cube consortium had refused to submit a revised bid as directed by the Insolvency Resolution Professional (RP) Anuj Jain following a meeting that took place last Friday. The RP had asked all the four shortlisted entities, including the Kotak consortium, JSW, Suraksha Asset Reconstruction Company and Adani Group to submit their binding bids by March 9. These shortlisted entities were also asked to make a presentation the same day.