NBCC seeks more time to revise Jaypee Infratech bid

NBCC seeks more time to revise Jaypee Infratech bid
11/04/2019 , by , in News/Views

State-run construction company NBCC has sought an extension of more than two weeks from the Committee of Creditors (CoC) overseeing Jaypee Infratech’s insolvency resolution process to submit a revised bid for the company, said two persons with direct knowledge of the development.

This may lead to further delay in the insolvency process of the troubled real estate developer even as the stipulated 270-day deadline for CoC to decide on a winning bid ends on May 6.

“The extension sought by the company is in the wake of its CMD Anoop Kumar Mittal’s term coming to an end last week,” said one of the sources. “This may result in some more delay in the entire process as NBCC was earlier seen leading the race.”

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