Suraksha Group seeks more time to submit final bid for Jaypee Infratech

The company said it is also evaluating on possibility of improving the resolution plan as regards the lenders.

New Delhi: Suraksha Group has sought at least seven days’ extension to submit an “improved revised” bid to acquire debt-laden Jaypee Infratech Ltd (JIL) through insolvency as it is exploring ways to sweeten its offer for both homebuyers and lenders.

The Mumbai-based firm, which is pitted against NBCC to acquire JIL, did not submit its resolution plan on June 4 and rather sought at least seven-day extension to sweeten its offer for homebuyers and bankers. NBCC, however, submitted its resolution plan. It is up to financial creditors now to decide whether Suraksha should be given the extension or not.

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In a letter to Interim Resolution Plan (IRP) Anuj Jain on Friday, Suraksha Group asserted that it had already submitted a legally compliant resolution plan on May 18 and the bid was deliberated upon in the meeting of the CoC (Committee of Creditors).

Suraksha said it plans to further revise the resolution plan to improve offering for both homebuyers and bankers, considering that the CoC has already decided to seek extension of timelines for completion of the insolvency process from the Supreme Court.

“We are evaluating the possibility of revision in our resolution plan so as to incorporate better terms for homebuyers including further reduction in the project completion timelines, reviving and expediting construction work immediately after the CoC approval as well as infusion of funds for the same,” the letter said.

The company said it is also evaluating on possibility of improving the resolution plan as regards the lenders. This could include provision of timelines for monetisation of land. “The said evaluation with respect to reduction in completion timelines and land monetisation timelines, being complex involves considerable time and efforts especially in current pandemic situation,” the letter said.

Stating that the company had never asked for any extension before and always submitted bid ahead of deadline, Suraksha said: “We request you to grant us time of at least 7 days to submit an improved revised resolution plan, in the interest of lenders and homebuyers.” In the May 18 bid, Suraksha Group had offered over 2,600 acre land to bankers and promised homebuyers to complete the pending over 20,000 flats in 42 months. Yamuna Expressway that connects Greater Noida to Agra will be retained by the company as per the bid.

Last week, financial creditors of embattled JIL decided to give time till June 4 to NBCC and Suraksha Group to submit their final bids. The two-day voting process, which began on May 27, was conducted to decide whether a further extension should be given to both the contenders.