NBCC ‘no more interested’ in Jaypee Infratech acquisition

NBCC ‘no more interested’ in Jaypee Infratech acquisition
01/07/2019 , by , in News/Views

Although the distressed home buyers of Jaypee Infratech Limited (JIL) are urging the government to intervene in the resolution process of the bankrupt realty firm in support of NBCC’s bid, the public sector construction major, according to sources, is no more interested in acquiring JIL and its stalled projects.

After the latest round of voting, whereby NBCC’s bid was rejected as the banks led by IDBI Bank voted against it, the management in the state-run company is not enthusiastic about moving ahead on that front as there is no “possible chance of unanimity among the home buyers and the banks,” sources said.

“Such are the differences that, if the banks are ‘north pole’, home buyers are ‘south pole’. The only possible way forward for Jaypee seems to be liquidation,” said an NBCC official.

“We are not aggressive. If we were aggressive, our lawyer would have been there at the NCLAT now,” the official added.

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