The Supreme Court in its order had instructed to take bids only from the NBCC and the security group. This deadline was 17 May.
20,000 homebuyers keep an eye on the case.
Mumbai-based realty company Suraksha Group, which is in the race for the acquisition of Jaypee Infratech, under debt burden, has objected to extending the deadline for submitting bids by writing a letter to financial lenders. The security group and state-run NBCC are in the race to acquire JIL, which is going through the insolvency process and complete the construction of about 20,000 pending flats.
In a letter to JIL’s interim resolution professional Anuj Jain and members of the lenders’ committee (COC), the security group said that the extension will be given by the Supreme Court in March this year over the pending bankruptcy case of the Jaypee group company. Is against the spirit of the order given. At the last meeting of the COC held on 15 May, financial lenders discussed the latest bids of the NBCC and the security group. Financial lenders include representatives of banks and home buyers.
IRP fixed deadline on May 17
According to sources, the IRP had asked both the parties to submit bids by Monday, May 17 and also mentioned that no extension would be given. But the IRP extended the deadline by one more day to May 18. The security group said in its letter that this extension is against the spirit of the Supreme Court’s directive given on March 24 this year.
IRP sought extension of time limit for new buyer
Significantly, the Supreme Court in its order had instructed to take bids only from the NBCC and the security group. The apex court also said that the insolvency process should be completed in 45 days, which ended on May 8. During this time, the IRP applied to extend the time limit for the search for a new buyer.
Demand not to extend time again
The security group said in the letter that it has never sought extension of time in the current fourth round of the bidding process and has followed the deadline at all times. Sources say that the security questioned the reasoning behind the extension and said that after May 18, no extension should be given anymore.
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