NBCC gets approvals for revised Jaypee Infra bid
State-run construction giant NBCC has received all the required ...
State-run construction giant NBCC has received all the required approvals from ministries and government departments to bid for and acquire the debt-laden Jaypee Infratech, sources told IANS in May.
During the last week of April the Committee of Creditors (CoC) of the insolvent realty firm had rejected the National Buildings Construction Corporation’s (NBCC) revised bid on the ground of lack of approvals, which had left Mumbai-based Suraksha Realty as the only approved bidder. Sources said that the Finance Ministry cleared the bid on Tuesday, April 30, while the Department of Investment and Public Asset Management (DIPAM) and the Ministry of Urban Affairs gave NBCC the go-ahead on Wednesday. NBCC would now ask the insolvency resolution professional (IRP) to consider its bid and put up the approved bids, including NBCC’s, before the deadline of May 6, the sources added.