NBCC Submit Revised Bids for Jaypee Infra

State owned NBCC and Suraksha group, which are in the race to acquire Jaypee Infratech under the insolvency resolution process, have submitted revised bids and improved their offers for financial creditors. NBCC and Suraksha group submitted their revised bids on 10th May. Suraksha group has now offered a line of credit of Rs 3,000 crore as working capital for construction of projects as against the earlier proposal of Rs 2,000 crore. It has also given an undertaking that any shortfall to the dissenting creditors will be met. NBCC is offering up to 1,903 acres of land while Surakasha group has proposed over 2,600 acres to the lenders. Suraksha group has earmarked 1,486 acres to dissenting lenders out of the total land parcels offered in the proposal. NBCC has provided an additional 377 acres of land in case dissenting financial creditors are not satisfied with its original offer of 1,526 acre, taking its total offer to up to 1,903 acre. While Suraksha group has proposed to keep Yamuna Expressway road project, NBCC has offered to transfer over 80 per cent of the stake in the project to the lenders. This is the fourth round of the bidding process in the matter of Jaypee Infratech, which went into an insolvency process in August 2017. The process was initiated on a plea filed by an IDBI-led consortium.