Jaypee Infra: NBCC bids; claims sweet deal for stakeholders

State-owned NBCC Ltd on Friday said it has bid to take over bankruptcy-bound Jaypee Infratech and complete stalled housing projects in Noida, Uttar Pradesh.

NBCC Chairman and Managing Director Anoop Kumar Mittal said the company is "keen to acquire" Jaypee Infratech and complete over 20,000 housing units. He declined to share the bid value but said the resolution plan submitted by the company is beneficial for all stakeholders, including banks, home buyers and NBCC.

In a filing to the BSE, NBCC said it has submitted the bid to Interim Resolution Professional Anuj Jain, reports PTI. “Resolution Plan in respect of Jaypee Infratech has been submitted by the NBCC to the Interim Resolution Professional on 15th February, 2019,” the filing said.

Jain, the IRP who is carrying out the insolvency process, had earlier shortlisted four players—NBCC, Kotak Investment, Singaporebased Cube Highways and Suraksha group—to submit their resolution plans by February 15.

A meeting of the committee of creditors will be held on February 18 to discuss bids. In October 2018, Jain started a fresh initiative to revive Jaypee Infratech on the National Company Law Tribunal's (NCLT) direction after lenders rejected the over Rs 7,000-crore bid of Suraksha group.