Jaypee lenders start negotiations on NBCC’s bid

Jaypee lenders start negotiations on NBCC’s bid
23/05/2019 , by , in News/Views

State-owned NBCC is unlikely to dilute certain conditions, including exemption from tax liability, in its offer for debt-laden Jaypee Infratech but is ready to negotiate on the proposal related to unsold flats, sources said.

Jaypee Infratech’s lenders have started negotiations with NBCC on the latter’s bid to acquire the realty firm.

Last week, the National Company Law Appellate Tribunal (NCLAT) had annulled voting by homebuyers and lenders on NBCC’s bid and allowed renegotiation on the offer by May 30. Voting process could start from May 31.

According to sources, lenders have shown reluctance to acquire up to 2,207 unsold flats worth Rs 1,756 crore as proposed by NBCC in its revised offer.

NBCC is ready to negotiate on its proposal related to unsold flats, they added.

However, sources said NBCC is unlikely to dilute its conditions related to exemption of tax liabilities.

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